ORDER OF PRIORITIES FOR THE DISCHARGE OF LIABILITIES OF THE COMPANY
Post-take-over management period
Category I
Wages, salaries and other dues of the employees of the Company.
Category II
Loans advanced by the Central Government.
Category III
Any credit availed of by the Company for the purpose of carrying on any trading or
manufacturing operations.
Category IV
Revenue, taxes, cesses, rates or any other dues to the Central Government or a State Government.
Pre-take-over management period
Category V
Arrears in relation to contributions to be made by the Company to the provident fund, salaries,
wages and other amounts due to the employees of the Company.
Category VI
Revenue, taxes, cesses, rates or any other dues, including Employees’ State Insurance
contributions, to the Central Government, a Local Authority or a State Electricity Board.
Category VII
(i) Any credit availed of by the Company for the purpose of carrying on any trading or
manufacturing operations.
(ii) Any other dues