Section 9 in The India Belting And Cotton Mills Limited (Acquisition And Transfer Of Undertakings) Act, 1992
9. Payment of further amount.
(1)For the deprivation of the Company of the management of its undertakings, there shall be given to the Company by the State Government an amount of rupees one thousand one hundred and seventy-two.(2)The amount specified in section 8 and the amount specified in sub-section (1) of this section shall carry simple interest at the rate of four per cent, per annum for the period commencing on the appointed day and ending on the date on which payment of such amounts is made by the State Government to the Commissioner.(3)The amount specified in sub-section (1) and the amount determined in accordance with the provisions of sub-section (2) shall be given by the State Government to the Company in addition to the amount specified in section 8.(4)The amounts payable under section 8 and sub-sections (1) and (2) of this section shall be payable in four equal annual instalments.(5)For the removal of doubts, it is hereby declared that the liabilities of the Company in relation to its undertakings which have vested in the State Government under section 3 shall be discharged from the amount specified in section 8, and also from the amount specified in sub-section (1) and the amount determined under sub-section (2) of this section, in accordance with the rights and interests of the creditors of the Company.
