Payment of amount to the owner

(1) For the transfer to, and vesting in, the State Government under sub-section (1) 0f section 3 of the textile undertaking and the right, title and interest of the owner in relation to such textile undertaking, there shall be given by the State Government to the owner in cash the amount determined as specified in Chapter V, in the manner specified in Chapter VI. (2) Where any liability of the owner specified in the Schedule is discharged by the State Government according to the order of the priorities mentioned in the Schedule, the amount to be paid to the owner under sub-section (1) shall stand reduced to that extent.