Act Number: 42

Act Name: The Gresham and Craven of India (Private) Limited (Acquisition and Transfer of Undertakings) Act, 1977

Year: 1977

Enactment Date: 1977-12-20

Long Title: An Act to provide for the acquisition and transfer of the undertakings of Messrs. Gresham and Craven of India (Private) Limited for the purpose of ensuring the continuity of production of goods which are vital to the needs of the Railways and of the industries manufacturing engineering products and for matters connected therewith or incidental thereto.

Ministry: Ministry of Heavy Industries and Public Enterprises

Department: Department of Heavy Industry

Section 18: Priority of claims.
    The claims arising out of the matters specified in the Schedule 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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