Amendment status not verified — confirm the current text below against the official source.
Notwithstanding any law, usage, custom, contract, instrument, decree, order, award, submission, settlement, standing order or other provision whatsoever, the Government may, by notification in the Gazette, direct that- (a) in relation to any relief undertaking and in respect of the period of which the relief undertaking continues as such under sub-section (2) of section 3- (i) all the provisions of the laws specified in the Schedule to this Act, which involve any financial commitment or expenditure shall not apply (and such relief undertaking shall be exempt therefrom), or all or any of such provisions shall, if so directed by the Government, be applied with such modifications (which do not however affect the policy of the said laws) as may be specified in the notification; (ii) all or any of the agreements, settlements, or awards made under any of the laws specified in the Schedule to this Act, which may be applicable to the undertaking immediately before it was acquired or taken over by the Government, or before any loan, guarantee, or other financial assistance was provided to it by or with the approval of the Government for being run as a relief undertaking, shall be suspended in operation, or shall, if so directed by the Government, be applied with such modifications as may be specified in the notification; [3][(aa) during the period in which the relief undertaking continues as such under sub-section (2) of section 3, any liability of the undertaking to pay tax under the Kerala General Sales Tax Act, 1963 (15 of 1963), incurred before the undertaking was declared a relief undertaking and any remedy for enforcing the payment thereof shall be suspended and all proceedings relating to the levy, assessment, collection and recovery of such tax pending before any court, tribunal, officer or authority shall be stayed;] (b) during the period in which the relief undertaking continues as such under sub-section (2) of section 3 any liability or obligation of the undertaking accrued or incurred before the undertaking was declared a relief undertaking and any remedy for the enforcement thereof shall be suspended and all proceedings relative thereto pending before any court, Tribunal, Officer or authority shall be stayed; [4] [Provided that the provisions in this clause shall not apply to the liabilities or obligations accrued or incurred in favour of the national financial institutions and banks and to any remedy for the enforcement thereof. Explanation.-For the purposes of this clause,- (i) "national financial institution' means any financial institution with jurisdiction all over India, set up by enacting Special Acts in the Parliament with the objective of providing financial assistance to the industrial units. (ii) "bank" means a banking company as defined in clause (c) of section 5 of the banking Regulation Act, 1949 (Central Act 10 of 1949);] (c) the right, privilege, obligation or liability referred to in [5][clause (aa) or clause (b)] shall, on the notification ceasing to have force, revive and be enforceable and the proceedings referred to therein shall be continued. Provided that in computing the period of limitation for the enforcement of such right, privilege, obligation or liability, the period during which it was suspended under [6][clause (aa) or clause (b)] shall be excluded notwithstanding anything contained in any law for the time being in force. Inserted by Act No. 9 of 1981 w.e.f. 21/11/1980 Added by Act No. 25 of 1990 w.e.f. 21/08/1990. Substituted by Act No. 9 of 1981 w.e.f. 21/11/1980. Substituted by Act No. 9 of 1981 w.e.f. 21/11/1980.