Amendment status not verified — confirm the current text below against the official source.
Disbursement of amounts to the owner of the undertaking.— (1) If out of the amount paid to him in relation to the undertaking, there is a balance left after meeting the liabilities as specified in the Second Schedule, the Commissioner shall disburse such balance to the owner of such undertaking. (2) Before making any payment to the owner of the undertaking under sub-section (1), the Commissioner shall satisfy himself as to the right of such person to receive the whole or any part of such amount, and in the event of there being a doubt or dispute as to the right of the person to receive the whole or any part of the amount referred to in section 8, the Commissioner shall refer the matter to the court and make the disbursement in accordance with the decision of the court. (3) For the removal of doubts, it is hereby declared that the entries in column (2) of the First Schedule shall not be deemed to be conclusive as to the right, title and interest of any person in relation to the undertaking specified in the corresponding entries in column (1) of the said Schedule; and evidence shall be admissible to establish the right, title and interest of any person in relation to such undertaking. (4) Where any machinery, equipment or other property in the undertaking has vested in the State Industrial Development Corporation but such machinery, equipment or other property does not belong to the owner of such undertaking, the amount specified in column (3) of the First Schedule against such undertaking shall, on a reference made to it by the Commissioner, be apportioned by the court between the owner of such undertaking and the owner of such machinery, equipment or other property having due regard to the value of such machinery, equipment or other property on the date of commencement of this Act. Explanation.— In this section, “court”, in relation to the undertaking, means the principal civil court of original jurisdiction within the local limits of whose jurisdiction, the undertaking is situated.