Section 8 in The Iron And Steel Companies Amalgamation Act, 1952
8.
Priority as between secured creditors of the dissolved company and secured creditors of the Iron and Steel Company.- Creditors of the dissolved company whose debts are secured by a mortgage, charge or lien on the property of the dissolved company or any part thereof shall, with reference to similar secured creditors of the Iron and Steel Company, have such priority in the repayment of the debts as may be determined by agreement between the Iron and Steel Company and the secured creditors of the dissolved company:Provided that in the absence of any such agreement the matter shall be referred by the Iron and Steel Company to the determination of such personas may be appointed by the Central Government in this behalf, and the decision of such person shall be final and binding on the Iron and Steel Company and the secured creditors concerned.
