Act Number: 55

Act Name: The Hooghly Docking and Engineering Company Limited (Acquisition and Transfer of Undertakings) Act, 1984

Year: 1984

Enactment Date: 1984-08-23

Long Title: An Act to provide for the acquisition and transfer of the undertakings of the Hooghly Docking and Engineering Company Limited with a view to securing the better utilisation of the available infrastructure thereof, to modernise and increase the capacity for ship building and ship repairing so as to reduce the import of ships, vessels and craft and to augment the production of grey iron, non-ferrous and alloy castings by the said undertakings so as to subserve the interests of the general public by ensuring the continued supply of the said articles which are essential to the needs of the economy of the country, and for matters connected therewith and incidental thereto.

Ministry: Ministry of Shipping

Department:

Section 19: Priority of claims
    The claims made under section 18 shall have priorities in accordance with the following principles, namely:--
         (a) Category I shall have precedence over all other categories and Category II shall have precedence over Category III, and so on;
         (b) the claims specified in each of the categories shall rank equally and be paid in full, but, if the amount is insufficient to meet such claims in full, they shall abate in equal proportions and be paid accordingly; and
         (c) the question of discharging any liability with regard to a matter specified in a lower category shall arise only if a surplus is left after meeting all the liabilities specified in the immediately higher category.
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