Section 29C. Protection of action taken under the Act

29C. Protection of action taken under the Act.— (1) No suit, prosecution or other legal proceeding shall lie against any person for anything which is in good faith done or intended to be done under this Act or any rule or order made thereunder. (2) No suit or other legal proceeding shall lie against the Government for any damage caused or likely to be caused by anything which is in good faith done or intended to be done in pursuance of this Act or any rule or order made thereunder.] [1] [ 29D. Debts incurred by the authorised person to have priority.— Every debt arising out of any loan obtained by the authorised person for carrying on the management of, or exercising function of control in relation to, an industrial undertaking or part thereof, the management of which has been taken — over under section 18A or section 18AA or section 18FA, (a) shall have priority over all other debts, whether secured or unsecured, incurred before the management of such industrial undertaking was taken over; (b) shall be a preferential debt within the meaning of section 530 of the Companies Act, 1956 (1 of 1956), and such debts shall rank equally among themselves and be paid in full out of the assets of the industrial undertakings unless such assets are insufficient to meet them, in which case they shall abate in equal proportions.]