Brentford Electric (India) Limited (Acquisition and Transfer of Undertakings) Act : CERTAIN POWERS OFTHI

Brentford Electric (India) Limited (Acquisition and Transfer of Undertakings) Act,1987

Act No : 36

Section : CERTAIN POWERS OFTHI CENTRAL GOVERNMENT OR ANDREW YULE

SECTION 16: CERTAIN POWERS OFTHI CENTRAL GOVERNMENT OR ANDREW YULE

( I ) The Central Government or Andrew Yule, 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 Andrew Yule, and realised after the appointed day notwithstanding that the realisation pertains to a period prior to the appointed day.

(2) The Central Government or Andrew Yule, as the case may be, may make a claim to the Commissioner with regard to every payment made by the Government or Andrew Yule, after the appointed day, for discharging any liability of the Company, not being any liability specified in subsection(2) of section 5-, 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 liability has beer discharged by the Central Government or Andrew Yule.

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