Amendment status not verified — confirm the current text below against the official source.
Assumption of liability.- 1(1) (Where any liability of a sick textile undertaking arising out of any claim specified in section 18A or Category I or Category II or Category III or Category IV in the Second Schedule is not discharged fully by the Commissioner out of the amount paid to him under this Act, the Commissioner shall intimate in writing to the State Government the extent of the liability which remains undischarged, and that liability shall be assumed by the State Government). (2) The liability assumed by the State Government under sub-section (1) shall be discharged by payment of the amount of the liability in negotiable bonds redeemable after the expiry of ten years and carrying simple interest at the rate of seven and a half per cent per annum with effect from the appointed day.