Chapter III PAYMENT OF ACCOUNTS

For the transfer to and vesting in the Government, of the mills under section 4 and the right, title and interest in relation to the mills, the Government shall pay an amount of Rs. 446.59 lakhs by depositing the same with the Commissioner and the said amount shall be paid to the lessor, lessee or owner of land or such other persons entitled thereto in the manner specified in Chapter V.

(1) The amount specified in section 9 shall carry simple interest at the rate of four per cent per annum for the period commencing on the appointed day and ending on the date on which payment of such amount is made by the Government to the Commissioner.

(2) The amount determined in accordance with the provisions of sub-section (1) shall be given by the Government to the lessor, lessee or owner of land or such other persons entitled thereto, as the case may be, in addition to the amount specified in section 9.

(3) For the removal of doubts, it is hereby declared that the liability of the lessor or lessee in relation to the mills which has vested in the Government under section 4 shall be discharged from the amount referred to in section 9, and also from the amounts determined under sub-section (1) in accordance with the rights and interest of the creditors of the lessor or lessee, as the case may be.