Section 8 in The Bist Industrial Corporation, Limited (Acquisition of Undertaking) Act, 1970
8. Compensation for acquisition of undertaking--
(1)The State Government shall pay a sum of Rs. 1,31,59,372 (rupees one crore, thirty-one lakhs, fifty-nine thousand three hundred and seventy-two) as compensation to the Company for the requisition of the undertaking of the Company after deducting therefrom all amounts of loan and interest thereon (including penal interest) and taxes (including penalty) due to it from the Company.(2)The said balance of the amount of compensation shall be paid into court to the credit of the Company within six months from the date on which the property, books, documents or other papers referred to in Section 5, are duly delivered or the date on which the particulars referred to in Section 6 are duly delivered whichever be later (hereinafter in this section referred to as the said date) and any difference or dispute about the said date shall be decided by the court.(3)The said amount of compensation shall carry interest at the rate of six per cent per annum from the said date till the date of payment into court.(4)Any difference or dispute about the correctness of the deductions referred to in sub-section (1) shall be decided by the court and if the court finds that the amount deducted exceeds the amount actually due to the Slate Government, the State Government shall pay the difference together with interest as specified, in sub-section (3).(5)Any claim based on any debt, mortgage, charge or other encumbrance or lien, trust or similar obligation attaching to the undertaking of the Company which under the proviso to Section 3 shall attach to the compensation whether or not a decree has been obtained on the basis thereof, may be preferred to the court within six months from the commencement of this Act. Every such claim shall confirm generally to the requirements of Orders VI and VII of the First Schedule to the Code of Civil Procedure, 1908, as if it were a plaint.(6)The court shall give notice of every payment made under sub-section (1) and of every claim preferred under sub-section (5) to the Company.(7)The sums paid into the court under sub-section (1) or sub-section (4) shall be disbursed by the court in accordance with its adjudication of any claim under sub-section (5), and the court may make such interim orders respecting withdrawal or investment of the whole or part of any such sum as it thinks just and expedient.
