The Textile Undertakings (Nationalisation) Act

Assumption of liability

Management to continue to vest in the custodian until alternative arrangements are made

Act to override all other enactments

Contracts to cease to have effect unless ratified by the National Textile Corporation

Penalties

Offences by companies

Protection of action taken in good faith

Textile companies not to be wound up by the court

Delegation of powers

Power to make rules

Power to remove difficulties

Repeal and saving

Validation


MISCELLANEOUS


No proceeding for the winding up of a
textile company, the right, title and interest in relation to the textile undertaking owned by which have
vested in the National Textile Corporation under this Act or for the appointment of a receiver in respect of
the business of the textile undertaking shall lie or be proceeded with in any court except with consent of
the Central Government.


LAWGIST

# 34 Textile companies not to be wound up by the court