Section 7 in The Gujarat Sick Textile Undertakings (Nationalisation) Act, 1986
7. Payment of amount to owner of sick textile undertakings.
(1)The owner of every sick textile undertaking shall be given by the State Government, in cash and in the manner specified in Chapter V, for the transfer to, and vesting in, the State Government, under sub-section (1) of section 3, of the sick textile undertaking and the right, title and interest of owner in relation to such textile undertaking, an amount equal to the amount specified against it in the corresponding entry in column (4) of the First Schedule.(2)Where any liability of the owner specified in the Second Schedule is discharged by the State Government or the Corporation according to the order of the priorities mentioned in that Schedule, the amount to be paid to the owner under sub-section (1) shall stand reduced to that extent.
