Section 34 in The India Belting And Cotton Mills Limited (Acquisition And Transfer Of Undertakings) Act, 1992
34. [Repeal, saving and validation.] [Words substituted for the words 'Repeal and saving.' by W.B. Act 27 of 1994.]
(1)The India Belting and Cotton Mills Limited (Acquisition and Transfer of Undertakings) Ordinance, 1991, is hereby repealed.(2)Notwithstanding such repeal, anything done or any action taken under the Ordinance so repealed shall be deemed to have been done or taken under the corresponding provisions of this Act.(3)[ Notwithstanding anything in the foregoing provisions of this section or elsewhere in this Act, the repeal shall not -(a)affect any penalty or punishment imposed in respect of any offence committed against the Ordinance so repealed, or(b)affect any investigation, legal proceeding or remedy in respect of any such penalty or punishment as aforesaid,during the period from the 16th day of November, 1992 till the 7th day of January, 1993, being the date immediately before the date on which the Ordinance so repealed ceased to operate; and any such investigation, legal proceeding or remedy may be instituted, contained or enforced and any such penalty or punishment may be imposed as if this Act had not been passed.] [Sub-section (3) inserted by W.B. Act 27 of 1994.]The Schedule(See sections 19, 20, 21, and 23.)Order of priorities for the discharge of the liabilities of the Company Pre-take-over periodCategory I:(a)Wages, salaries and other dues payable to the employees by the Company.(b)Deductions made from the salaries and wages of the employees for provident fund, the Employees' State Insurance Fund and premium relating to the Life Insurance Corporation of India.(c)Arrears in relation to contributions to be made by the Company to provident fund, the Employees' State Insurance Fund, premium relating to the Life Insurance Corporation of India and any other arrear under any law for the time being in force.Category II:Revenue, taxes, cesses, rates and other dues to the Central and State Governments and local authorities or State Electricity Board.Category III:Principal amount of unsecured loans advanced by banks and financial institutions.Category IV:Amount due by way of interest on unsecured loans referred to in Category III.Category V:Any other credit availed of for purposes of trade or manufacturing operations and any other dues.
