Amendment status not verified — confirm the current text below against the official source.
(1) Where any liability of the Company arising out of any item specified in Category I of the Schedule is not discharged fully by the Commissioner out of the amounts 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 Governement. 237 Disburse- ment of money by Commis- sioner to claimants. Disburse- ment of amounts to the Company and possession of certain machinery, equipment, etc. Undisbursed or unclaimed amount to be deposited to the general revenue account. Act to have overriding effect. Assumption of liability. The National Iron and Steel Company Limited (Acquisition and Transfer of Undertakings) Act, 1984. [West Ben. Act (Chapter VII. Miscellaneous.-Sections 27, 28.) (2) The State Government may, by order, direct the Company to take over the liability assumed by the State Government under sub- section (1), and, on receipt of such direction, it shall be the duty of the Company to discharge such liability. Contracts to cease to have effect unless ratified by the State Government or existing, or new, Government company. Penalties.