Section 5(2) in The Hindustan Tractors Limited (Acquisition and Transfer of undertaking) Act, 1978
(2)Any liability arising in respect of--(a)loans advanced by the Central Government or the State Government, or both, to the Company (together with interest due thereon), on or after the after of taking over;(b)loans advanced by a bank to the Company (together with interest due thereon) on or after the date of taking over [but excluding loans advanced, on or after such date, by a bank to the Company to the extent such loans have been utilised by the Company for the repayment of, or the payment of interest on, secured loans advanced to the Company by a bank at any time before such date] [Inserted by Act 50 of 1980, Section 2 (retrospectively) ];(c)loans advanced by the Industrial Reconstruction Corporation of India Limited to the Company (together with interest due thereon) on or after the date of taking over;(d)wages, salaries and other dues of employees of the Company and the dues on amount of any deduction made from wages and salaries and other dues of employees, relating to any period commencing on and from the date of taking over;(e)any debt incurred by the Company during any period commencing on and from the date of taking over, not being a debt falling under clause (a), clause (b), clause (c) or clause (d) or specified in Category I of the Schedule, shall, on and from the appointed day, be the liability of the Central Government, or the State Government, or the Government company aforesaid and shall be discharged by the Central Government or the State Government, or the Government company aforesaid as and when repayment of such loans becomes due or as and when such wages, salaries and other dues and debt become due and payable.
