Aluminium Corporation of India Limited (Acquisition and Transfer of Aluminium) Undertaking Act : SCHEDULE

Aluminium Corporation of India Limited (Acquisition and Transfer of Aluminium) Undertaking Act,1984

Act No : 43

Section : SCHEDULE

SCHEDULE 01: SCHEDULE

[See sections 18-,19(1)-,20(1)-and22(1)-]

Order of priorities for the Discharge of Liabilities of the Aluminium Undertaking

Category I-

Employees' dues on account of unpaid salaries and wages, contributions to be made by the Company and the employees to the Provident Fund and Employees' State Insurance, premium relating to Life Insurance Corporation of India and any other amounts due to employees, in respect of any period whether before or after the management of the Aluminium undertaking had been taken over by the Central Government.

Category II-

Loans advanced by banks and financial institutions during the post-take-over management period.

Category Ill-

Loans advanced by the Central Government and State Government during the post-take-over management period.

Category IV-

Any credit availed of for the purpose of carrying on any trading or manufacturing operations during the post-take-over management period.

Category V-

Any other loans obtained during the post-takeover management period.

Category VI-

Secured loans obtained during the pre-take-over management period.

Category VII-

Unsecured loans or other dues to creditors in relation to any transaction which took place during the pre-take-over management period.

Category VIII-

Revenue, taxes, cesses, rates or other dues for the Central Government, State Government and local authorities or State Electricity Board in respect of any period whether before or after the management of the Aluminium undertaking had been taken over by the Central Government.