Dalmia Dadri Cement Limited (Acquisition and Transfer of Undertakings) Act : CERTAIN POWERS OF' THE CENTRAL

Dalmia Dadri Cement Limited (Acquisition and Transfer of Undertakings) Act,1981

Act No : 31

Section : CERTAIN POWERS OF' THE CENTRAL GOVERNMENT OR CEMENT CORPORATION

SECTION 16: CERTAIN POWERS OF' THE CENTRAL GOVERNMENT OR CEMENT CORPORATION

(1) The Central Government or the Cement Corporation, as the case may be, shall be entitled to receive up to the specified date, to the 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 Cement Corporation, and realised after the appointed day, notwithstanding that the realization pertains to a period prior to the appointed day.

(2) The Central Government or the Cement Corporation, as the case may be, may make a claim to the Commissioner with regard to every payment made if after the appointed day for discharging any liability to the Company in relation to any period prior to the appointed day: and every such claim shall have priority in accordance with the priorities attaching under this Act, to the matter in relation to which such liabilily has been discharged by the Central Government or the Cement Corporation.

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