Act Number: 17

Act Name: The Inchek Tyres Limited and National Rubber Manufacturers Limited (Nationalisation) Act, 1984

Year: 1984

Enactment Date: 1984-03-31

Long Title: An Act to provide for the acquisition and transfer of the undertakings of the Inchek Tyres Limited and the National Rubber Manufacturers 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 tyres, tubes and other rubber goods which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto.

Ministry: Ministry of Heavy Industries and Public Enterprises

Department: Department of Heavy Industry

Section 19: Priority of claims.
    The claims arising out of the matters specified in the Second 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; 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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