Section 8 in The Maharashtra Textile Companies (Acquisition and Transfer of Undertakings) Act, 1982
8. Payment of amount for acquisition.
(1)The State Government shall deposit, in cash, in the Court, to the credit of Messrs. Vijay Manufacturing Company (Private) Limited, Badnera, an amount equal to the sum of rupees twenty lakhs (Rs. 20 lakhs) for the transfer to, and vesting in, the State Government, under sub-section (1) of section 3, of the undertaking of the said Company.(2)The State Government shall likewise deposit, in cash, in the Court, to the credit of Messrs. Western India Spinning and Manufacturing Company Limited, Bombay, an amount equal to the sum of rupees one hundred twenty lakhs (Rs. 120 lakhs) for the transfer to, and vesting in the State Government, under sub-section (2) of section 3, or the undertakings of the said Company.(3)For the avoidance of doubt, it is hereby declared that the liabilities of each of the two textile Companies, in relation to its undertakings, which have vested in the State Government, shall be met from the amount referred to in sub-section (1) or subsection (2), as the case may be.(4)In meeting the liabilities of each of the two textile Companies in relation to its undertakings, which have vested in the State Government, the Court shall distribute the amount referred to in sub-section (1) of sub-section (2), as the case may be, amongst the creditors of the concerned Company, whether secured or unsecured, in accordance with their rights and interests, and if there is any surplus left after such distribution, amongst the contributors of the said Company in accordance with the rights and interests of such contributors.
