Payment of amount to owners of sick textile undertakings

(1) The owner of every sick textile undertaking shall be given by the State Government, in cash and in the manner specified in Chapter VI, for the transfer to, and vesting in, it under sub-section (1) of section 3, of such sick textile undertaking, and the right, title and interest of the owner in relation to such sick textile undertaking an amount equal to the amount specified against it in the corresponding entry in column (4) of the First Schedule. (2) In addition to the amount referred to in sub-section (1) there shall be given by the State Government, in cash, to the owner of every sick textile undertaking, simple interest at the rate of four percent per annum on the amount specified against such owner in the corresponding entry in column (4) of the First Schedule for the period commencing on the appointed day, and ending on the date on which payment of such amount is made by the State Government of the Commissioner.