Amendment status not verified — confirm the current text below against the official source.
If any difficulty arises in giving effect to the provisions of this Act, the State Government may, by order, not inconsistent with the provisions of this Act, remove the difficulty: Provided that no such order shall be made after the expiry of a period of two years from the date of publication of this Act in the Official Gazette. THE SCHEDULE (See sections 19, 20, 21 and 23.) Order of priorities for the discharge of the liabilities of the Company Pre-take over period Category I— Employees' dues on account of unpaid salaries, wages, provident fund, employees' state insurance contribution and any other amounts due to employees before the date of taking over of the management of the undertakings of the Company. Category II— Principal amount of secured loans advanced by banks and financial institutions. Category III— Amounts due by way of interest on secured loans referred to in Category H. Category IV— Revenue, taxes, cesses, rates and other dues to the Central and State Government and local authorities or State Electricity Board. Category V— Principal amount of unsecured loans advanced by banks and financial institutions. Category VI— Amounts due by way of interest on unsecured loans referred to in Category V. Category VII— Any other credit availed of for purposes of trade or manufacturing operations and any other dues. 308