State Act

Kerala Sick Textile Undertakings(Acquisition and Transfer of Undertakings) Act, 1985(27 of 1985)

1(18A. Certain rights of the State Textile Corporation.- (1) The State Textile Corporation shall be entitled to receive, upto the specified date, to the exclusion of all other persons, any money due to the sick textile undertaking realised after the appointed day, notwithstanding that the realisation pertains to a period prior to the appointed day. (2) The State Textile Corporation may make a claim to the Commissioner with regard to every payment made by the sick textile undertaking after the first day of September, 1983 but before the fifth day of October, 1984, in relation to any period prior to the appointed day and every such claim shall have priority in accordance with the priorities under this Act. (3) Save as otherwise provided in this Act, the liabilities in relation to a sick textile undertaking in respect of any period prior to the appointed day, which have not been discharged by the authorised person, shall be the liabilities of the owner of that sick textile undertaking).