Section 22
Disbursement of money by the Commissioner to claimants.
The Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986
About this Act
An Act to provide for the acquisition and transfer of certain textile undertakings of the Swadeshi Cotton Mills Company Limited, with a view to securing the proper management of such undertakings so as to subserve the interests of the general public by ensuring the continued manufacture, production and distribution of different varieties of cloth and yarn and thereby to give effect to the policy of the State towards securing the principles specified in clauses (b) and (c) of article 39 of the Constitution and for matters connected therewith or incidental thereto.
(1) After admitting a claim
against the Company under this Act, the amount due in respect of such claim shall be paid by the
Commissioner to the person or persons to whom such amount is due and on such payment, the liability of
the Company in respect of such claim shall stand discharged.
(2) If, out of the moneys paid to him in relation to the textile undertakings, there is a balance left after meeting the liabilities as specified in the Schedule, the Commissioner shall disburse such balance to the Company.
(2) If, out of the moneys paid to him in relation to the textile undertakings, there is a balance left after meeting the liabilities as specified in the Schedule, the Commissioner shall disburse such balance to the Company.