ORDER OF PRIORITIES FOR THE DISCHARGE OF THE LIABILITIES OF THE COMPANY
Part A.—Post-take-over and pre-take-over periods
Category I—
Wages, salaries and other dues of the employees of the Company for the post-take-over period as
well as arrears in relation to wages, salaries, provident fund and other dues of the employees for the
pre-take-over period.
Part B.—Post-take-over period
Category II—
(a) Loans advanced by the Central Government and interest due thereon.
(b) Loans, advanced by banks and financial institutions, guaranteed by the Central
Government and interest due thereon.
Category III—
(a) Credit availed of for purposes of trade or manufacturing operations.
(b) Any other dues.
Part C.—Pre-take-over period
Category IV—
(a) Revenue, taxes, cesses, rates or other dues to the Central Government or a State
Government.
(b) Sales tax, rates and taxes, contributions to be made to the Employees’ State Insurance
Fund and additional dearness allowance payable to employees.
Category V—
Principal amount of the secured loans advanced by banks and financial institutions and interest
due thereon up to and including December 15, 1977, that is to say, the date on which the notified
order under section 18A of the Industries (Development and Regulation) Act, 1951 (65 of 1951), was
published in the Official Gazette.
Category VI—
Revenue, taxes, cesses, rates or any other dues payable to a local authority or State Electricity
Board.
Category VII—
Amounts due by way of interest on secured loans referred to in category V after December
15, 1977.
Category VIII—
(a) Any other credit availed of for purposes of trade or manufacturing operations.
(b) Any other dues