Lawgist16Certain powers of the Central Government or Cement Corporation
(1) The Central Government or the Cement Corporation, as the case may be, shall be entitled to receive up to the specified date to the exclusion of all other persons, any money due to the Company, in relation to its undertakings which have vested in the Central Government or the Cement Corporation and realised after the appointed day, notwithstanding that the realisation pertains to a period prior to the appointed day.
(2) The Central Government or the Cement Corporation, as the ease may be, may make a claim to the Commissioner with regard to every payment made by it after the appointed day for discharging any liability of the Company in relation to any period prior to the appointed day; and every such claim shall have priority in accordance with the priorities attaching, under this Act, to the matter in relation to which such liability has been discharged by the Central Government or the Cement Corporation.
(3) Save as otherwise provided in this Act, the liabilities of the Company in respect of any transaction prior to the appointed day, which have not been discharged on or before the specified date, shall be the liabilities of the Company
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- 14 Appointment of Commissioner of Payments
- 15 Payment by the Central Government to the Commissioner
- 16 Certain powers of the Central Government or Cement Corporation
- 17 Claims to be made to the Commissioner
- 18 Priority of claims
- 19 Examination of claims
- 20 Admission or rejection of claims
- 21 Disbursement of money by the Commissioner to claimants
- 22 Disbursement of amounts to the Company
- 23 Undisbursed or unclaimed amount to be deposited to the general revenue account
