Title : Admission or Rejection of Claims
State : Central
Year : 1987
(1) After examining the claims with reference to the priorities set out in the Schedule, the Commissioner shall fix a certain date on or before which every claimant shall file the proof of his claim. (2) Not less than fourteen days' notice of the date so fixed shall be given by advertisement in one issue of any daily newspaper in the English language having circulation in the major part of the country and one issue of any daily newspaper in such regional language as the Commissioner may consider suitable, and every such notice shall call upon the claimant to file the proof of his claim with the Commissioner within the period specified in the advertisement. (3) Every claimant who fails to file the proof of his claim within the period specified by the Commissioner shall be excluded..... View Complete Act List Judgments citing this sectionTitle : Contracts to Cease to Have Effect Unless Ratified by the Central Government or Andrew Yule
State : Central
Year : 1987
Every contract entered into by the Company in relation to its undertakings which has vested in the Central Government under section 3, for any service, sale or supply and in force immediately before the appointed day, shall, on and from the expiry of a period of one hundred and eighty days from the date on which this Act receives the assent of the President, cease to have effect unless such contract is, before the expiry of that period, ratified, in writing, by the Central Government or Andrew Yule in which such undertakings have been vested under this Act, and in ratifying such contract, the Central Government or Andrew Yule may make such alternation or modification therein as it may think fit: Provided that the Central Government or Andrew Yule shall not permit to ratify a contract..... View Complete Act List Judgments citing this sectionTitle : Protection of Action Taken in Good Faith
State : Central
Year : 1987
(1) No suit, prosecution or other legal proceeding shall lie against the Central Government or any officer of that Government or Andrew Yule for anything which is in good faith done or intended to be done under this Act. (2) No suit or other legal proceeding shall lie against the Central Government or any officer of that Government of Andrew Yule or other person authorised by that Government or Andrew Yule for any damage caused or likely to be caused by anything which is in good faith done or intended to be done under this Act. View Complete Act List Judgments citing this sectionTitle : Payment by the Central Government to the Commissioner
State : Central
Year : 1987
(1) The Central Government shall, within thirty days from the specified date, pay, in cash, to the Commissioner, for payment to the Company,- (a) an amount equal to the amount specified in section 7; and (b) further amount equal to the amounts payable to the Company under section 8. (2) A deposit account shall be opened by the Central Government in favour of the Commissioner in the Public Account of India, and every amount paid under this Act to the Commissioner shall be deposited by him to the credit of the said deposit account and the said deposit account shall be operated by the Commissioner. (3) Records shall be maintained by the Commissioner in respect of the undertakings of the Company in relation to which payments have been made to him under this Act. (4) Interest..... View Complete Act List Judgments citing this sectionTitle : Certain Powers of the Central Government or Andrew Yule
State : Central
Year : 1987
(1) The Central Government or Andrew Yule, as the case may be, shall be entitled to receive up to the specified date, to the exclusion of all other persons, any money due to the Company, in relation to its undertakings which have vested in the Central Government of Andrew Yule, and realised after the appointed day notwithstanding that the realisation pertains to a period prior to the appointed day. (2) The Central Government or Andrew Yule, as the case may be, may make a claim to the Commissioner with regard to every payment made by that Government or Andrew Yule, after the appointed day, for discharging any liability of the Company, not being any liability specified in sub-section (2) of section 5, in relation to any period prior to the appointed day; and every such claim shall have..... View Complete Act List Judgments citing this sectionTitle : Examination of Claims
State : Central
Year : 1987
(1) On receipt of the claims made under section 17, the Commissioner shall arrange the claims in the order of priorities specified in the Schedule and examine the same in accordance with such order of priorities. (2) If, on an examination of the claims, the Commissioner is of opinion that the amount paid to him under this Act is not sufficient to meet the liabilities specified in any lower category, he shall not be required to examine the claims in respect of such lower category. View Complete Act List Judgments citing this sectionTitle : Act to Have Overriding Effect
State : Central
Year : 1987
The provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or in any instrument having effect by virtue of any law, other than this Act, or in any decree or order of any court, tribunal or other authority. View Complete Act List Judgments citing this sectionTitle : Power to Remove Difficulties
State : Central
Year : 1987
If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order, not inconsistent with the provisions of this Act, remove the difficulty: Provided that no such order shall be made after the expiry of a period of two years from the date on which this Act receives the assent of the President. View Complete Act List Judgments citing this sectionTitle : Payment of Further Amounts
State : Central
Year : 1987
(1) For the deprivation of the Company of the management of his undertakings, there shall be paid by the Central Government to the Company in cash, an amount calculated at the rate of five thousand rupees per annum for the period commencing on the date on which the management of the undertakings of the Company was taken over in pursuance of the order made by the Central Government under section 18AA of the Industries (Development and Regulation) Act, 1951, and ending on the appointed day. (2) In consideration of the retrospective operation of the provisions of sections 3, 4 and 5, there shall also be paid by the Central Government to the Company in cash, an amount calculated at the rate of five thousand rupees per annum for the period commencing on the appointed day and ending on the..... View Complete Act List Judgments citing this sectionTitle : Appointment of Commissioner of Payments
State : Central
Year : 1987
(1) The Central Government shall, for the purpose of disbursing the amounts payable under sections 7 and 8 to the Company, by notification, appoint a Commissioner of Payments. (2) The Central Government may appoint such other persons as it may think fit to assist the Commissioner and thereupon the Commissioner may authorise one or more of such persons also to exercise all or any of the powers exercisable by him under this Act and different persons may be authorised to exercise different powers. (3) Any person authorised by the Commissioner to exercise any of the powers exercisable by the Commissioner may exercise those powers in the same manner and with the same effect as if they have been conferred on that person directly by this Act and not by way of authorisation. (4) The..... View Complete Act List Judgments citing this section