Hindustan Tractors Limited (Acquisition and Transfer of Undertakings) Act : ORDER OF PRIORITIES FOR

Hindustan Tractors Limited (Acquisition and Transfer of Undertakings) Act,1978

Act No : 13

Section : ORDER OF PRIORITIES FOR THE DISCHARGE OF LIABILITIES OF THECOMPANY

THE SCHEDULE (See sections 5, 20, 21, 22, 24 and 26) ORDER OF PRIORITIES FOR THE DISCHARGE OF LIABILITIES OF THE COMPANY PART A Post-take-over management period Category I Loans advances by the Gujarat Agro Industries Corporation for carrying on any trading or manufacturing operations. PART B Pre-take-over management period Category II Arrears in relation to the provident fund, salaries, wages and other amounts due to the employees of the Company. Category III Secured loans 1*[",Including loans advances, on or after the date of taking over, by a bank to the Company to the extent such loans have been utilised by the Company for the re-payment of, or the payment of interest on, secured loans advance to the Company by a bank at any time before the date of taking over".] Category IV Revenue, taxes, cesses, rates or any other dues to the Central Government, a State Government, a Local Authority or a State Electricity Board. Category V (i) Any credit availed of by the Company for the purpose of carrying on any trading or manufacturing operations. (ii) Any other dues. ---------------------------------------------------------------------- 1 Ins. by Act 50 of 1980, s. 3 (retrospectively).