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State of Puducherry - Section

Section 33 in Anglo-French Textiles Limited (Acquisition and Transfer of Textile Undertaking) Act, 1986

33. Repeal and saving.

(1)The Anglo-French Textiles Limited (Acquisition and Transfer of Textile Undertaking) Ordinance, 1985, is hereby repealed.
(2)Notwithstanding such repeal, anything done or any action taken under the said Ordinance shall be deemed to have been done or taken under the corresponding provisions of this Act.The First Schedule[See sections 7 and 13]
SI. No. Name of the Undertaking Name of the owner AmountL
(1) (2) (3) (4)
1. Anglo-French Textiles Limited, Puducherry. Anglo-French Textiles Limited, Puducherry. 7,65,00,000
The Second Schedule[See sections 7(a), 11(a) (b), 16, 17, 18 and 20]Order-of priorities for the discharge of liabilities in respect of the textile undertakingCategory-I
(i)All dues including gratuity of persons employed in the textile undertaking;
(ii)Arrears relating to contributions towards Provident Fund and contributions under the Employees' State Insurance Act, 1948, payable by the owner;
(iii)Arrears of excise duty, sales-tax, dues relating to electricity and dues of a Local Authority.
Category-IISecured creditors including banks and institutions.Category-III
(i)Sundry Creditors;
(ii)Other liabilities.