LawgistThe Hind Cycles Limited and Sen-Raleigh Limited (Nationalisation) Act
19Priority of claims
The claims made under section 18 shall have priorities in accordance with the following principles, namely:--
(a) Category I shall have precedence over all other categories and Category II shall have precedence over Category III, and so on;
(b) the claims specified in each of the categories shall rank equally and be paid in full, but, if the amount is insufficient to meet such claims in full, they shall abate in equal proportions and be paid accordingly; and
(c) the question of discharging any liability with regard to a matter specified in a lower category shall arise only if a surplus is left after meeting all the liabilities specified in the immediately higher category.
Download our fully-offline, High speed android app.- Click here
COMMISSIONER OF PAYMENTS
- 15 Appointment of Commissioner of Payments
- 16 Payment by Central Government to the Commissioner
- 17 Certain powers of Central Government or Government companies
- 18 Claims to be made to the Commissioner
- 19 Priority of claims
- 20 Examination of claims
- 21 Admission or rejection of the claims
- 22 Disbursement of money by the Commissioner
- 23 Disbursement of amounts to the two companies
- 24 Undisbursed or unclaimed amount to be deposited with the general revenue account
