3Acquisition of rights of owners in respect of sick textile undertakings
(1) On the appointed day, every sick textile undertaking and the right, title and interest of the owner in relation to every such sick textile undertaking shall stand transferred to, and shall vest absolutely in, the Central Government.
(2) Every sick textile undertaking which stands vested in the Central Government by virtue of sub-section (1) shall, immediately after it has so vested, stand transferred to, and vested in, the National Textile Corporation.
1[(3) Notwithstanding the transfer and vesting of any sick textile undertaking to the National Textile Corporation by virtue of sub-section (2), the lease-hold rights of the sick textile undertakings shall continue to remain vested in the Central Government on payment of lease-hold rents and shall be discharged, for and on behalf of that Government, by the National Textile Corporation as and when payment of such lease-hold rents or any amount becomes due and payable.
(4) Subject to sub-section (3), no court shall have jurisdiction to order divestment from the National Textile Corporation of the property vested in it by the Central Government.]
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1. Ins. by Act 36 of 2014, s. 2 (w.e.f. 17-12-2014).
- 3 Acquisition of rights of owners in respect of sick textile undertakings
- 4 General effect of vesting
- 5 Owner to be liable for certain prior liabilities
- 6 National Textile Corporation to form subsidiary corporations
- 7 Shares to be issued by the National Textile Corporation for the value of the assets transferred to it by the Central Government