Section 33 in Braithwaite And Company (India) Limited (Acquisition And Transfer Of Undertakings) Act, 1976
33. Repeal and saving.-
(1)The Braithwaite and Company (India) Limited (Acquisition and Transfer of Undertakings) Ordinance, 1976(7 of 1976), is hereby repealed.(2)Notwithstanding such repeal, anything done or any action taken under the Ordinance so repealed shall be deemed to have been done or taken under the corresponding provisions of this Act.THE SCHEDULE(See sections 18, 19 and 20)ORDER OF PRIORITIES FOR THE DISCHARGE OF LIABILITIES OF THE COMPANYPART 'A' Post-take over management periodCategory I-Wages, salaries and other dues to the employees of the Company.Category II-(a)(i)Loans advanced by the Central Government.(ii)Secured loans advanced by banks and financial institutions.Category III-(a)Any other loans.(b)Credit availed of by the Company for the purpose of carrying on any trading or manufacturing operations.Category IV-Revenue, taxes, cesses, rates or other dues or Central Government or a State Government.PART 'B' Pre-take-over management periodCategory V-Arrears in relation to contribution to be made by the Company to the provident fund, salaries and wages and other amounts due to employees.Category VI-Secured loans.Category VII-Revenue, taxes, cesses, rates or any other dues to the Central Government, a State Government, a local authority or a State Electricity Board.Category VIII-(a)Any credit availed of by the Company for the purpose of trading or manufacturing operations.(b)Any other dues.
