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Section 22 – The Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act,1986

The Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act,1986

Section 22. Disbursement of money by the Commissioner to claimants

(1) After admitting a claim against the Company under this Act, the amount due in respect of such claim shall be paid by the Commissioner to the person or persons to whom such amount is due one on such payment, the liability of the Company is respect of such claim shall stand discharged.

(2) If, out of the moneys paid to his in relation to the textile undertakings, there is a balance left after meeting the liabilities as specified in the Schedule, the Commissioner shall disburse such balance to the Company.

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The Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act,1986

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