Certain powers of State Government or Corporation or new Government Company.

(1) The State Government or the Corporation or, where a direction has been issued by the State Government under sub-section (1) of section 6, the new Government company, as the case may be, shall be entitled to receive up to the specified date, to the exclusion of all other persons, any money due to the proprietors, in relations to their undertaking which has vested in the State Government, or the Corporation or in the new Government company, and realised after the appointed day, notwithstanding that the realisation pertains to a period prior to the appointed day. (2) The State Government or the Corporation or the new Government company, as the case may be, may make a claim to the Commissioner with regard to every payment made by it after the appointed day, not being payment made under the proviso to section 7, for discharging any liability of the proprietors, in relation to any period prior to the appointed day, and every such claim shall have priority, in accordance with the priorities attaching, under this Act, to the matter in relation to which such liability has been discharged by the State Government, or the Corporation or the new Government company. (3) Save as otherwise provided in this Act, the liabilities of the proprietors in respect of any period prior to the appointed day, shall be the liabilities of the proprietors.