Section 132
Use of proceeds of sale or transfer of Board, etc.
About this Act
An Act to consolidate the laws relating to generation, transmission, distribution, trading and use of electricity and generally for taking measures conducive to development of electricity industry, promoting competition therein, protecting interest of consumers and supply of electricity to all areas, rationalisation of electricity tariff, ensuring transparent policies regarding subsidies, promotion of efficient and environmentally benign policies, constitution of Central Electricity Authority, Regulatory Commissions and establishment of Appellate Tribunal and for matters connected therewith or incidental thereto.
In the event that a Board or any utility
owned or controlled by the Appropriate Government is sold or transferred in any manner to a person who
is not owned or controlled by the Appropriate Government, the proceeds from such sale or transfer shall
be utilised in priority to all other dues in the following order, namely:--
(a) dues (including retirement benefits due) to the officers and employees of such Board or utility, who have been affected by the aforesaid sale or transfer;
(b) payment of debt or other liabilities of the transferor as may be required by the existing loan covenants.
(a) dues (including retirement benefits due) to the officers and employees of such Board or utility, who have been affected by the aforesaid sale or transfer;
(b) payment of debt or other liabilities of the transferor as may be required by the existing loan covenants.