Section 5(2) in The Textile Undertakings (Nationalisation) Act, 1995
(2)Any liability arising in respect of-(a)loans advanced by the Central Government, or a State Government, or both, to a 'textile undertaking (together with interest due thereon) after the management of such undertaking had been taken over by the Central Government under section 3 of the Textile Undertakings (Taking Over of Management) Act, 1983, (49 of 1989.) or as the case may be, under section 3 of the Laxmirattan and Atherton West Cotton Mills (Taking Over of Management) Act, 1976; (98 of 1976.)(b)amounts advanced to a textile undertaking [after the management of such undertaking had been taken over by the Central Government under section 3 of the Textile Undertakings (Taking Over of Management) Act, 1983, (40 of 1983.) or as the case may be, under section 3 of the Laxmirattan and Atherton West Cotton Mills (Taking Over of management) Act, 1976], (98 of 1976.) by the National Textile Corporation or by a state textile corporation, or by both, together with interest due thereon;(c)wages, salaries and other dues of employees of the textile undertaking, in repsect of any period after the management of such undertaking had been taken over by the Central Government, shall, on and from the appointed day, be the liability of the Central Government and shall be discharged for and on behalf of that Government, by the National Textile Corporation as and when repayment of such 6 loans or amounts becomes due or as and when such wages, salaries or other dues become due and payable.
