Section 33 in The Krishna Silicate And Glass Works Limited (Acquisition And Transfer of Undertakings) Act, 1986
33. Power to remove difficulties.
- If any difficulty arises in giving effect to the provisions of this Act, the State Government may, by order, not inconsistent with the provisions of this Act, remove the difficulty :Provided that no such order shall be made after the expiry of a period of two years from the date of publication of this Act in the Official Gazette.The Schedule(See sections 19, 20, 21 and 23.)Order of priorities for the discharge of the liabilities of the Companypre-take over period.Category 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 Government and local authorities or State Electricity Board.Category III -Principal amount of unsecured loans advanced by banks and financial institutions.Category IV -Amounts 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.
