Act Number: 67

Act Name: The Bird and Company Limited (Acquisition and Transfer of Undertakings and Other Properties) Act, 1980

Year: 1980

Enactment Date: 1980-12-27

Long Title: An Act to provide for the acquisition and transfer of the undertakings of the Bird and Company Limited for the purpose of ensuring the continuity of production of goods which are vital to the needs of the country and for the acquisition of shares held by the Bird and Company Limited in the specified companies for the purpose of securing to those undertakings the facilities and advantages derived by reason of such shareholding with respect to the operation and functioning of those undertakings and also to enable the Central Government to exercise such control over the affairs of the specified companies as is necessary to ensure that the affairs of those companies are not mismanaged and for matters connected therewith or incidental thereto.

Ministry: Ministry of Steel

Department:

Section 17: Priority of claims.
    The claims arising out of the matters specified in the Schedule II 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;
         (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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