The National Company Limited (Acquisition and Transfer of Undertakings) Act, 1980

THE SCHEDULE

(See sections 18, 20, 21, 23 and 26)

ORDER OF PRIORITIES

Part I

Category I—

Employees’ dues on account of unpaid salaries, wages, provident fund, Employees’ State Insurance

contribution or premium relating to Life Insurance Corporation of India and any other amounts due to

employees, in respect of any period whether before or after the management of the undertaking of the

Company had been taken over by the Central Government.

Category II—

Secured loans obtained by the Company from nationalised banks and public financial institutions

during any period whether before or after the management of the undertaking of the Company had been

taken over by the Central Government.

Category III—

Amounts due to trade and other creditors in relation to any transaction which took place during the

post-take-over management period.

Part II

Category IV—

Revenue, taxes, cesses, rules or other dues to the Central Government, State Governments and local

authorities or State Electricity Board for the pre-take-over management period.

Category V—

Amounts due to trade and other creditors in relation to any transaction which took place during the

pre-take-over management period.