Section 16(4) in The India Belting And Cotton Mills Limited (Acquisition And Transfer Of Undertakings) Act, 1992
(4)Notwithstanding anything contained elsewhere in this Act, -(a)any amount payable to any bank or financial institution towards repayment of the principal amount of any secured loans advanced by such bank or financial institution to the Company before the date of taking over of management of the undertakings of the Company, shall be paid directly by the State Government to such bank or financial institution in accordance with such agreement, in writing, as the State Government and the bank or the financial institution may enter into with each other, and(b)the amount payable by the State Government directly to any bank or financial institution under clause (a) shall be deducted from the amounts payable to the Company under sections 8 and 9.
