Section 39. Validation

1[ 39. Validation .—Notwithstanding anything contained in any judgment, decree or order of any court, tribunal or other authority,— (a) the provisions of this Act, as amended by the Textile Undertakings (Nationalisation) Laws (Amendment and Validation) Act, 2014 (36 of 2014), shall have and shall be deemed always to have effect for all purposes as if the provisions of this Act, as amended by the said Act, had been in force at all material times; (b) any lease-hold property divested from the National Textile Corporation to any person under the provisions of this Act, as it stood immediately before the commencement of the Textile Undertakings (Nationalisation) Laws (Amendment and Validation) Act, 2014 (36 of 2014), shall stand transferred to and vest or continue to vest, free from all encumbrances, in the National Textile Corporation in the same manner as it was vested in the National Textile Corporation before such divesting of that property under the provisions of this Act as if the provisions of this Act, as amended by the aforesaid Act, were in force at all material times; (c) no suit or other proceedings shall, without prejudice to the generality of the foregoing provisions, be maintained or continued in any court or tribunal or authority for the enforcement of any decree or order or direction given by such court or tribunal or authority, notwithstanding any undertaking filed by the National Textile Corporation in any court or tribunal or authority, directing divestment of such lease-hold property from the National Textile Corporation vested in it under section 3 of this Act, as it stood before the commencement of the Textile Undertakings (Nationalisation) Laws (Amendment and Validation) Act, 2014 (36 of 2014), and such lease-hold property shall continue to vest in the National Textile Corporation under section 3 of this Act, as amended by the aforesaid Act, as if the said section was in force at all material times; (d) any transfer of any property, vested in the National Textile Corporation, by virtue of any order of attachment, seizure or sale in execution of a decree of a civil court or orders of any tribunal or other authority in respect of lease-hold property vested in the National Textile Corporation which is contrary to the provisions of this Act, as amended by the Textile Undertakings (Nationalisation) Laws (Amendment and Validation) Act, 2014 (36 of 2014), shall be deemed to be null and void and notwithstanding such transfer, continue to vest in the National Textile Corporation under this Act.] 1. Ins. by Act 36 of 2014, s. 7 (w.e.f. 24-10-2014). THE FIRST SCHEDULE [ See sections 2(l) and (m), 8 and 18(1)] |Sl.<br>No.|Name of the textile undertaking|Name of the owner|Amount<br>(in rupees)| |---|---|---|---| |(1)|(2)|(3)|(4)| |1.|Elphinstone Spinning and Weaving|The Elphinstone Spinning and Weaving|4,56,98,000| ||Mills, Elphinstone Road, Bombay.|Mills Co. Ltd., Kamani Chambers, 32,|| |||RamjiBhaiKamaniMarg, Bombay-38.|| |2.|Finlay Mills, 10/11, Dr. S.S. Rao|The Finlay Mills Ltd., Chartered Bank|8,14,87,000| ||Road, Bombay.|Building Fort, Bombay-23.|| |3.|Gold Mohur Mills, DadasahebPhalke|The Gold Mohur Mills Ltd.,Chartered Bank|5,45,55,000| ||Road, Dadar, Bombay.|Building, Fort, Bombay-23.|| |4.|Jam Manufacturing Mills, Lalbaug,|The Jam Manufacturing Co. Ltd., Lalbaug,|2,79,62,000| ||Parel, Bombay.|Parel, Bombay-12.|| |5.|Kohinoor Mills (No. 1), Naigaum||| ||Cross Road, Dadar, Bombay.||| |6.|Kohinoor Mills (No. 2), Naigaum|The Kohinoor Mills Co. Ltd., Killick|2,33,38,000| ||Cross Road, Dadar, Bombay.|House, CharanjitRaiMarg (Home Street),|| |7.|Kohinoor Mills (No. 3), Lady|Fort, Bombay-1.|| ||Jamshedji Road, Dadar, Bombay.||| |8.|New City of Bombay Manufacturing|The New City of Bombay Manufacturing|4,23,57,000| ||Mills, 63, Tukaram B. KadamMarg,|Co. Ltd., 63, TukaramBaisajiKadam Path,|| ||Bombay.|Bombay-33.|| |9.|Podar Mills, N.M, Joshi Marg,|The Podar Mills Ltd., Podar Chambers,|7,46,30,000| ||Bombay.|Syed Abdulla Brelvi Road, Fort, Bombay-1.|| |10.|Podar<br>Mills<br>(Process<br>House),|The Podar Mills Ltd., Podar Chambers,|1,91,94,000| ||GanpatRaoKadamMarg, Bombay.|Syed Abdulla Brelvi Road, Fort, Bombay-1.|| |11.|Shree<br>Madhusudan<br>Mills,|Shree<br>Madhusudan<br>Mills<br>Ltd.,<br>31,|2,70,85,000| ||PandurangBudhkarMarg, Bombay.|Chowringhee Road, Calcutta-16.|| |12.|Shree Sitaram Mills, N.M. Joshi|Shree Sitaram Mills Ltd., N.M. Joshi Marg,|1,95,20,000| ||Marg, Bombay.|Bombay-11.|| |13.|Tata Mills, Dr. Ambedkar Road,|The Tata Mills Ltd., Bombay House, 24|9,33,47,000| ||Dadar, Bombay.|HomiMody Street, Fort, Bombay- 23.|| |14.|Laxmirattan Cotton Mills, Kalpi|Laxmirattan<br>Cotton<br>Mills<br>Company|2,22,39,000| ||Road Kanpur.|Limited,<br>BehariNiwas,<br>ChataiMahal,|| |||Kanpur.|| |15.|Atherton West Cotton Mills, Anwar|Atherton West and Company Limited,|1,10,95,000| ||Ganj,Kanpur.|Anwarganj,Kanpur.|| THE SECOND SCHEDULE ( See sections 21, 22, 23 and 27) Order of priorities for discharge of liabilities in respect of a textile undertaking PART A Post-take-over management period Category I.— - (a) Loans advanced by a Bank. - (b) Loans advanced by an institution other than a Bank. - (c) Any other loan. - (d) Any credit availed of for purpose of trade or manufacturing operations. Category II.— - (a) Revenue, taxes, cesses, rates or any other dues to the Central Government or a State Government. - (b) Any other dues. PART B Pre-take-over management period Category III.— Arrears in relation to provident fund, salaries and wages, and other amounts, due to an employee. Category IV.— Secured loans. Category V.— Revenues, taxes, cesses, rates or any other dues to the Central Government, a State Government, a local authority or a State Electricity Board. Category VI.— - (a) Any credit availed of for purpose of trade or manufacturing operations. - (b) Any other dues.