Chapter III PAYMENT OF AMOUNT

Payment of amount to owners of the sick textile undertaking.—(1) The owner of the 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. (1) of section 3, of such sick textile undertaking and the right, title and interest of the owner in relation to this sick textile undertaking, an amount equal to the amount specified against it in the corresponding entry in column
2. (3) of the First Schedule.
3. (2) In addition to the amount referred to in sub-section
4. (1) there shall be given by the State Government, in cash, to the owner of the sick textile undertaking, simple interest at the rate of four per cent per annum on the amount specified against such owner in the corresponding entry in column
5. (3) 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 to the Commissioner.

Payment of further amount.—(1) On account of the taking over the management of the undertaking, which has been declared as sick by the Board for Industrial and Financial Reconstruction (BIFR), shall be given an amount of rupees one thousand per annum on the deprivation of its management for a period commencing from the appointed day up to the date on which the management of the sick undertaking has been taken over by the State Government.

1. (2) The amount calculated in accordance with the provisions of sub-section
2. (1) 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 the payment of such amount is made by the State Government to the Commissioner.
3. (3) The amounts determined in relation to this textile company in accordance with the provisions of sub-sections
4. (1) and
5. (2) shall be given by the State Government to the textile company in addition to the amount specified in the First Schedule against that company.