Section 17 of NCLATU : Section 17: Certain Powers Of The Central Government Or Government Company
NCLATU
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Explanation using Example
Imagine a government-owned company, National Textiles, which is undergoing a restructuring process. The Central Government decides to take over some of the company's undertakings due to strategic reasons. This process is formalized on January 1, 2023, which is declared as the 'appointed day.'
Example for subsection (1): After the appointed day, National Textiles receives a payment for a shipment of goods delivered in December 2022. According to Section 17(1) of the Act, this payment, although ...
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