Section 92 in The Jammu and Kashmir Electricity Act, 2010
92. Use of proceeds of sale and transfer, etc.
- In the event that any utility owned or controlled by the Government is sold or transferred in any manner to a person who is or to any company which is, not owned or controlled by the Government, the proceeds from such sale or transfer shall be utilized in priority to all other dues in the following order, namely, -(a)dues (including retirement dues) to the officers and employees of such utility, or who have been affected by the aforesaid sale or transfer;(b)payment of debt or other liabilities of the transferor as may be required by the existing loan covenants.
