Amendment status not verified — confirm the current text below against the official source.
The claims arising out of the matters specified in the Schedule shall have priorities in accordance with the following principles:— (a) Category I shall have precedence over all other categories and Category II shall have precedence over Category III, and so on; (b) the claim specified in each of the categories shall rank equally and be paid in full, but if the amount is insufficient to meet such claims in full, they shall abate in equal proportions and be paid accordingly; (c) the question of discharging any liability with ragard to a matter specified in a lower category shall arise only if a surplus is left after meeting all the liabilities specified in the immediately higher category. 182 The Indian Health Institute and Laboratory Limited (Acquisition and Transfer of Undertakings) Act, 1986. XXIX of 1986.] (Chapter VL—Commissioner of Payments.—Sections 20, 21.)