53. Writing off of losses
(1) Where the Corporation is of the opinion that the amount of contribution, interest and damages due to the Corporation has become irrecoverable, the Corporation or any other officer authorized by it in this behalf, may sanction the writing off of the said amount, subject to the following conditions, namely:-
(i) establishment or factory has been closed for more than five years and the whereabouts of the employer cannot be ascertained, despite all possible efforts;
(ii) decree obtained by the Corporation could not be executed successfully for want of sufficient assets of the defaulting employer; or
(iii) claim for contribution is not fully met by-
(a) the Official Liquidator in the event of factories or establishments having gone into liquidation; or
(b) the Commissioner of Payments in the event of unit being nationalised or taken over by the government.