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Start Free TrialBanking Regulation Act, 1949 Section 41A
Title: Notice to Preferential Claimants and Secured and Unsecured Creditors
State: Central
Year: 1949
.....depositors), by notice served in such manner as the Reserve Bank may direct, call upon (a) every claimant entitled to preferential payment under section 530 of the Companies Act, 1956(1 of 1956), and (b) every secured and every unsecured creditor, to send to the official liquidator within one month from the date of the service of the notice a statement of the amount claimed by him. (2) Every notice under sub-section (1) sent to a claimant having a claim under section 530 of the Companies Act, 1956 (1 of 1956), shall state that if a statement of the claim is not sent to the official liquidator before the expiry of the period of one month from the date of the service, the claim shall not be treated as a claim entitled to be paid under section 530 of the Companies Act, 1956, in priority to all other debts but shall be treated as an ordinary debt due by the banking company. (3) Every notice under sub-section (1) sent to a secured creditor shall require him to value his security before the expiry of the period of one month from the date of the service of the notice and shall state that if a statement of the claim together with the valuation of the security is not sent to the.....
View Complete Act List Judgments citing this sectionAgriculture Credit Operation and Miscellaneous Provision Act, 1974 Section 7
Title: Priority of Charges and Mortgages over Certain Claims
State: Karnataka
Year: 1974
.....as term loan for development purposes, the charges or mortgages shall have priority in accordance with the dates of their creation or execution. Explanation.-For the purposes of this section, ''term loan for development purposes'' means financial assistance which would generally lead to improvement of agriculture and or building up of assets in agriculture but shall not include financial assistance for meeting working capital expenses, seasonal agricultural operations and marketing of crops. (4) Nothing in this section shall apply to borrowings from one or more co-operative societies only. _______________________ 1. Sub-Section (1) substituted by Act 34 of 1978 w.e.f. 29.12.1978.
View Complete Act List Judgments citing this sectionPatents Act, 1970 (39 of 1970) Section 11
Title: Priority Dates of Claims of a Complete Specification
State: Central
Year: 1970
.....to which sub-sections (2), (3),1[ (3A)], (4) and (5) do not apply, the priority date of a claim shall, subject to the provisions of section 137, be the date of filing of the complete specification. (7) The reference to the date of the filing of the application or of the complete specification in this section shall, in cases where there has been a post-dating under section 9 or section 17 or, as the case may be, an ante-dating under section 16, be a reference to the date as so post-dated or ante-dated. (8) A claim in a complete specification of a patent shall not be invalid by reason only of- (a) the publication or use of the invention so far as claimed in that claim on or after the priority date of such claim; or (b) the grant of another patent which claims the invention, so far as claimed in the first mentioned claim, in a claim of the same or a later priority date. ________________________ 1. Inserted by Patents Amendment Act (15 of2005).
View Complete Act List Judgments citing this sectionMerchant Shipping Act, 1958 Section 49
Title: Priority of Mortgages
State: Central
Year: 1958
If there are more mortgages than one recorded in respect of the same ship or share, the mortgagees shall, notwithstanding any express, implied or constructive notice, have priority according to the date on which each mortgage is recorded in the register book and not according to the date of each mortgage itself.
View Complete Act List Judgments citing this sectionSick Textile Undertakings( Nationalisation) Act, 1974 Section 21
Title: Priority of Claims
State: Central
Year: 1974
The claims arising out of the matters specified in the Second Schedule shall have priorities in accordance with the following principles namely : (a) Category I will have precedence over all other categories and Category II will have precedence over Category III and so on; (b) the claims specified in each of the categories except Category IV shall rank equally and be paid in full, but if the amount is insufficient to meet such claims in full, they shall abate in equal proportions and be paid accordingly; (c) the liabilities specified in Category IV shall be discharged, subject to the priorities specified in this section, in accordance with the terms of the secured loans and the priority inter se of such loans, and (d) the question of payment of a liability with regard to a matter specified in a lower category shall arise only if a surplus is left after meeting all the liabilities specified in the immediately higher category.
View Complete Act List Judgments citing this sectionHindustan Tractors Limited (Acquisition and Transfer of Undertakings) Act, 1978 Section 20
Title: Priority of Claims
State: Central
Year: 1978
The claims arising out of the matters specified in the Schedule shall have priorities in accordance with the following principles, namely: (a) Category I shall have precedence over all other categories and Category II shall have precedence over Category III, and so on; (b) the claims specified in each of the categories, except Category III, shall rank equally and be paid in full, but, if the amount is insufficient to meet such claims in full, they shall abate in equal proportions and be paid accordingly; (c) the liabilities specified in Category III shall be discharged, subject to the priorities specified in this section, in accordance with the terms of the secured loans and the priority, inter se, of such loans; and (d) the question of discharging any liability with regard to a matter specified in a lower category shall arise only if a surplus is left after meeting all the liabilities specified in the immediately higher category.
View Complete Act List Judgments citing this sectionTextile Undertakings (Nationalisation) Act,1995 Section 21
Title: Priority of Claims
State: Central
Year: 1995
The claims arising out of the matters specified in the Second Schedule shall has priorities in accordance with the following principles, namely : (a) category I shall have precedence over all other categories and category II shall have precedence over category III and so on; (b) the claims specified in each of the categories, except category IV, shall rank equally and be paid in full, but if the amount is insufficient to meet such claim in full, they shall abate in equal proportions and be paid accordingly; (c) the liabilities specified in category IV shall be discharged, subject to the priorities specified in this section, in accordance with the terms of the secured loans and the priority inter se of such loans; and (d) the question of payment of a liability with regard to matter specified in a lower category shall arise only if a surplus is left after meeting all the liabilities specified in the immediately higher category.
View Complete Act List Judgments citing this sectionBraithwaite and Company (India) Limited (Acquisition and Transfer of Undertakings) Act, 1976 Section 18
Title: Priority of Claims
State: Central
Year: 1976
The claims arising out of the matters specified in the Schedule shall have priorities in accordance with the following principles, namely:- (a) Category I will have precedence over all other categories and Category II will have precedence over Category III, and so on; (b) the claims specified in each of the categories, except Category VI, shall rank equally and be paid in full, they shall abate in equal proportions and be paid accordingly; (c) the liabilities specified in Category VI shall be discharged, subject to the priorities specified in this section, in accordance with the terms of the secured loans and the priority, inter se, of such loans; and (d) the question of discharging any liability with regard to a matter specified in a lower category shall arise only if a surplus is left after meeting all the liabilities specified in the immediately higher category.
View Complete Act List Judgments citing this sectionBurn Company and Indian Standard Wagon Company (Nationalisation) Act, 1976 Section 18
Title: Priority of Claims
State: Central
Year: 1976
The claims arising out of the matters specified in the Second Schedule shall have priorities in accordance with the following principles, namely:- (a) Category I shall have precedence over all other categories and Category II shall have precedence over Category III, and so on; (b) the claims specified in each of the categories, except Category IV, shall rank equally and be paid in full, but, if the amount is insufficient to meet such claims in full, they shall abate in equal proportions and be paid accordingly; (c) the liabilities specified in Category IV shall be discharged, subject to the priorities specified in this section, in accordance with the terms of the secured loans and the priority, inter se, of such loans; and (d) the question of discharging any liability with regard to a matter specified in a lower category shall arise only if a surplus is left after meeting all the liabilities specified in the immediately higher category.
View Complete Act List Judgments citing this sectionBritannia Engineering Company Limited (Mokameh Unit) and the Arthur Butler and Company (Muzaffarpore) Limited (Acquisition and Transfer of Undertaking) Act 1978 Section 19
Title: Priority of Claims
State: Central
Year: 1978
The claims arising out of the matters specified in the Second Schedule shall have priorities in accordance with the following principles.Namely- (a) category I shall have precedence over all categories and category 11 shall have precedence over category 111 and so on; (b) the claim's specified in each of the categories except category 1v shall rank equally and be paid in full nut it the amount insufficient to meet such claims in full they shall abate in equal proportion and be paid accordingly; (c) the liabilities specified in category 1v shall be discharged subject to the priorities specified in this section in accordance with the terms of the secured loan and the priority inter so of such loans; and (d) the question of discharging any liability with regard to a matter specified in a lower category shall arise only if a surplus is left after meeting all the liabilities specified in the immediately higher category.
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