(1) On receipt of the claims made under section 16, the Commissioner shall arrange the claims in the order of priorities specified in the Schedule II and examine the same in accordance with such order of priorities.
(2) If, on an examination of the claims, the Commissioner is of opinion that the amount paid to him under this Act is not sufficient to meet the liabilities specified in any lower category, he shall not be required to examine the claims in respect of such lower category.
(2) If, on an examination of the claims, the Commissioner is of opinion that the amount paid to him under this Act is not sufficient to meet the liabilities specified in any lower category, he shall not be required to examine the claims in respect of such lower category.
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Section 1 · Short title and commencement.Section 2 · Definitions.Section 3 · Transfer to, and vesting in, the Central Government of the undertakings of the Company.Section 4 · Transfer and vesting of shares held by the Company in the specified companies.Section 5 · General effect of vesting.Section 6 · Central Government or the Government company not to liable for certain prior liabilities.Section 7 · Power of Central Government to direct vesting of the undertakings of the Company in a Government c ompany.Section 8 · Payment of amounts to the Company and specified companies.India Code, Government of India. Text fetched 17 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.