Bengal Chemical and Pharmaceutical Works Limited (Acquisition and Transfer of Undertakings) Act : CERTAIN

Bengal Chemical and Pharmaceutical Works Limited (Acquisition and Transfer of Undertakings) Act,1980

Act No : 58

Section : CERTAIN POWERS OF CENTRAL GOVERNMENT OR EXISTING, OR NEW, GOVERNMENT COMPANY

SECTION 18: CERTAIN POWERS OF CENTRAL GOVERNMENT OR EXISTING, OR NEW, GOVERNMENT COMPANY.

(1) The Central Government or the existing or new, Government company as the case may be, shall be entitled to receive up to the specified date, to 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 existing, or new, Government company, as the case may be, realised after the appointed day, notwithstanding that the realisation pertains to a period prior to the appointed day.

(2) The Central Government or the existing or new, Government company, as the case 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 1st day of April, 1979, 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 existing, or new, Government company, as the case may be.

(3) Save as otherwise provided in this Act the liabilities of the Company in respect of any transaction prior to the 1st day of April, 1979, which have not been discharged on or before the specified date shall be the liabilities of the Company.