Section 24
Disbursement of money by the Commissioner to claimants.
The Sick Textile Undertakings (Nationalisation) Act, 1974
About this Act
An Act to provide for the acquisition and transfer of the sick textile undertakings, and the right, title and interest of the owners in respect of the sick textile undertakings, specified in the First Schedule with a view to re-organising and rehabilitating such sick textile undertakings so as to subserve the interests of the general public by the augmentation of the production and distribution, at fair prices, of different verieties of cloth and yarn, and for matters connected therewith or incidental thereto.
After admitting a claim under
this Act, the amount due in respect of such claim shall be credited by the Commissioner to the relevant
fund or be paid to the person or persons to whom such sums are due and on such credit or payment the
liability of the owner in respect of such claim shall stand discharged.