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Schedule 2 – The Tea Companies (Acquisition and Transfer of Sick Tea Units) Act,1985

The Tea Companies (Acquisition and Transfer of Sick Tea Units) Act,1985

Schedule 2

[See sections 16,18(1),19(1),21(1) and 24(1)]

ORDER OF PRIORITIES

Category I-

Employees’ dues on account of unpaid salaries, wages, provident fund, Employees’ State Insurance contribution or premium relating to the Life Insurance Corporation of India and any other amounts due to employees in respect of any period whether before or after the management of the sick tea units had been taken over by the Central Government.

Category II –

Land revenue, taxes, cesses, rural employment cess, electricity duty, or other dues to the State Government and Local Authorities in respect of any period whether before or after the management of the sick tea units had been taken over by the Central Government.

Category III –

Loans and other financial accommodation , together with interest, provided by the Central Government as well as similar accommodation provided by commercial banks and public financial institutions during any period after management of the sick tea units had been taken over by the Central Government.

Category IV-

Revenue, taxes, cesses, rates or other dues to the Central Government, in respect of any period whether before or after the management of the sick tea units had been taken over by the Central Government.

Category V-

Secured loans obtained by any tea company for the purposes of its sick tea unit from nationalised banks, Tea Board constituted under the Tea |Act,1953,29 of 1953, and public financial institutions during any period before the management of that sick tea unit had been taken over by the Central Government.

Category VI-

Any other credit availed of by any tea company for trade or manufacturing purposes with respect to its sick tea unit, during any period before the management of that sick tea unit had been taken over by the Central Government.

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The Tea Companies (Acquisition and Transfer of Sick Tea Units) Act,1985

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