Amendment status not verified — confirm the current text below against the official source.
(1) For the transfer to, and vesting in, the State Government, under section 3, of the undertakings of the Company and the right, title and interest of the Company in relation to its undertakings, there shall be given by the State Government to the Company in cash, as a one-time settlement, a sum of rupees one crore forty-seven laths and fifty-three thousand within such time as the State Government may by notification specify. (2) For the avoidance of doubts, it is hereby declared that the liabilities of the Company in relation to the undertakings which have vested in the State Government under section 3, shall be met from the amount specified in sub-section (1). (3) For the deprivation of the Company of the management of its undertakings, there shall be given to the Company by the State Government an amount of rupees two thousand one hundred and seventy-five. 140 The Lily Biscuit Company (Private) Limited (Acquisition and Transfer of Undertakings) Act, 1996. XII of 1996.] (Sections 9, 10.) (4) Every person having a claim against the Company shall prefer such claim before the Commissioner of Payments appointed under section 9 within such period as the State Government may by notification specify. The procedure of disposing the claim shall be such as may be prescribed. (5) Notwithstanding anything contained elsewhere in this Act,— (a) any amount payable to any bank or financial institution towards repayment of the principal amount of any secured loans advanced by such bank or financial institution to the Company before the date of taking over of management of the undertakings of the Company, shall be paid directly by the State Government to such bank or financial institution in accordance with such agreement, in writing, as the State Government and the bank or the financial institution may enter into with each other; and (b) the amount payable by the State Government directly to any bank or financial institution under clause (a) shall be deducted from the amount payable to the Company under this section.