THE SCHEDULE
(See sections 5, 20, 21, 22, 24 and 26)
ORDER OF PRIORITIES FOR THE DISCHARGE OF LIABILITIES OF THE COMPANY
Part A
Post-take-over management period
Category I Loans advances by the Gujarat Agro Industries Corporation for carrying on any trading or manufacturing operations.
Part B
Pre-take-over management period
Category II Arrears in relation to the provident fund, salaries, wages and other amounts due to the employees of the Company.
Category III Secured loans [,Including loans advances, on or after the date of taking over, by a bank to the Company to the extent such loans have been utilised by the Company for the re-payment of, or the payment of interest on, secured loans advance to the Company by a bank at any time before the date of taking over.] [Inserted by Act 50 of 1980, Section 3 (retrospectively) ]
Category IV Revenue, taxes, cesses, rates or any other dues to the Central Government, a State Government, a Local Authority or a State Electricity Board.
Category V
(i)
Any credit availed of by the Company for the purpose of carrying on any trading or manufacturing operations.
(ii)
Any other dues.