Sec. 61 of the Provincial Insolvency Act. 1920 (V of 1920), or under Sec. 230 of the Indian Companies Act, 1913 (VII of 1913).' are to be paid in priority to all other debts in the distribution of the property of the insolvent or the assets of a company being wound-up, as the case may be.
'[11-A. Protection for acts done in good faith.-No suit or other legal proceeding shall lie against any person in respect of anything which is in good faith done or intended to be done under this Act or under any scheme framed thereunder.] "
2[11-B. Power to remove difficulties.-If any difficulties arises in giving effect to the provisions of this Act or any scheme framed thereunder, the Central Government may, by order published in the Official Gazette, make such provision or give such direction not inconsistent with the purposes of this Act. as it appears to it to be necessary or expedient for removing the difficulty.]
3(11-C. Power to exempt.-(1) The Central Government may. if requested so to do by the employer, by notification in the Official Gazette, and subject to, such conditions as may be specified in the notification, exempt any coal mine from the operation of all or any of the provisions of the Insurance Scheme if it is satisfied that the employees of such Coal mine are, without making any separate contribution or payment of premium, in enjoyment of benefits in the nature of life insurance, whether linked to their deposits in provident fund or not and such benefits are more favorable to such employees than the benefits admissible under the Insurance Scheme.
(2) Without prejudice to the provisions of sub-section (1), the insurance Scheme may provide for the exemption of any person or class of persons employed in any coal mine and covered by that scheme from the operation of all or any of the provisions thereof if the benefits in the nature of life insurance admissible to such person or class of persons are more favorable than the benefits provided under the Insurance Scheme.
(3) Where, in respect of any person or class of persons employed in any coal mine, an exemption is granted under this section from the operation of all or any of the provisions of the Insurance Scheme (whether such exemption is granted to the coal mine wherein such person or class of person Is employed or to the person or class of persons as such), the employer in relation to such coal mines-
(a) shall, in relation to the benefits in the nature of life insurance, to which any such person or class of persons is entitled, or any insurance fund maintain such accounts, submit such returns, make such investment, provide for such facilities for inspection and pay such inspection charges, as the Central Government may direct;
(b) shall not, at any time after the exemption, without the leave of the Central Government, reduce the total quantum of benefits in the nature of life insurance to which any such persons or class of persons was entitled immediately before the date of the exemption : and
(c) shall, where any such person leaves his employment and obtains re-employment in any other coal mine, transfer within such time as may be specified in this behalf by the Central Government, the amount of accumulations to the credit of that person in the insurance fund of the coal mine left by him to the credit of that person's account insurance fund of the coal mine in which he is re-employed or. as the case may be, in the Deposit-linked Insurance Fund.
Explanation.-For the purposes of this sub-section "insurance fund" means any fund established by an employer under any scheme for providing benefits in the nature of life insurance to employees, whether linked to their deposits in
