Section 12 in The Great Eastern Hotel (Acquisition of Undertaking) Act, 1980
12. Payment of compensation.
(1)The State Government shall deposit, in cash, in the Court of the Chief Judge of the City Civil Court, Calcutta, to the credit of the company, the sum of rupees seventy-three lakhs as compensation for the transfer to, and vesting in, the State Government, under sub-section (1) of section 3, of the undertaking of the company.(2)For the removal of doubts, it is hereby declared that the liabilities of the company, other than the liabilities referred to in sub-section (5) of section 4, in relation to its undertaking which has vested in the State Government under sub-section (1) of section 3 shall be met from the amount referred to in sub-section (1) of this section.(3)Every person having a claim against the company shall prefer such claim before the Chief Judge of the City Civil Court, Calcutta, within a period of 30 days from the date as the State Government may by notification specify :Provided that if the Chief Judge is satisfied that the claimant was prevented by sufficient cause from preferring the claim within the said period of 30 days, he may entertain the claim within a further period of 30 days but not thereafter.(4)In meeting under this section the liabilities of the company in relation to its undertaking which has vested in the State Government under sub-section (1) of section 3, the Court shall distribute the amount referred to in sub-section (2) of this section amongst the creditors of the company, whether secured or unsecured, in accordance with their rights and interests, and if there is any surplus left after such distribution, amongst the contributories of the company in accordance with the rights and interests of such contributories.
