Lawgist27Assumption of liability
(1) Where any liability of the owner of a sick textile undertaking arising out of any item specified in category I of the Second Schedule is not discharged fully by the Commissioner out of the amount paid to him under this Act, the Commissioner shall intimate in writing to the Central Government the extent of the liability which remains undischarged, and that liability shall be assumed by the Central Government.
(2) The Central Government may, by order, direct the National Textile Corporation to take over any liability assumed by that Government under sub-section (1), and on receipt of such direction, it shall be the duty of, the National Textile Corporation to discharge such liability.
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- 27 Assumption of liability
- 28 Management to continue to vest in the Custodian until alternative arrangements are made
- 29 Act to override all other enactments
- 30 Contracts to cease to have effect unless ratified by National Textile Corporation
- 31 Transfer of assets, etc., to be void in certain cases
- 32 Penalties
- 33 Offences by companies
- 34 Protection of action taken in good faith
- 35 Textile companies not to be wound up by the court
- 36 Delegation of powers
- 37 Power to make rules
- 38 Power to remove difficulties
- 39 Declaration as to the policy of the State
- 40 Repeal and savings
- 41 Validation
