Section 32(2) in Transformer and Switchgear Limited (Acquisition and Transfer of Undertakings) Act, 1983
(2)Notwithstanding such repeal, anything done or any action taken under the said Ordinance shall be deemed to have been done or taken under the corresponding provisions of this Act.The Schedule(See sections 17, 19, 20 and 22)Order of Priorities For The Discharge of Liabilities of The CompanyCategory I. -(a)Wages, salaries and other dues payable to the employees of the Company.(b)Deductions made from the salaries and wages of the employees for provident fund, Employees' State Insurance contribution, premium relating to Life Insurance Corporation of India or for any other purposes.(c)Arrears in relation to contributions to be made by the Company to the provident fund, Employees' State Insurance Fund, Life Insurance Corporation premium and any other arrear under any law for the time being in force (excluding gratuity).Category II. - Principal amount of secured loans advanced by -(i)Central Government;(ii)State Government;(iii)Banks;(iv)Public financial institutions;(v)Others.Category III. - Principal amount of unsecured loans advanced by -(i)Central Government;(ii)State Government;(iii)Banks;(iv)Public financial institutions.Category IV -(a)Any credit availed of by the Company for the purpose of carrying on any trading or manufacturing operations.(b)Any dues payable to the State Electricity Boards or other Government or semi-Government institutions for supply of goods or services.(c)Arrears of interest on loans and advances.Category V -(a)Revenue, taxes, cesses, rates or other dues to Central Government, State Government and local authorities.(b)Any other loans or dues.
