(1) Notwithstanding anything contained in sub-section (1) and sub-section (2) of
section 33 and section 39, but subject to such conditions, as may be deemed fit
to be imposed, the State Government may allow the deferment of payment of
any existing or future dues payable by an industrial unit under the provisions of
this Act or allow payment of such dues in such number of installments as may
be specified, if such industrial unit is declared a sick unit in accordance with the
guidelines specified in this behalf by an authorised body constituted by the
Central Government or the State Government in connection with the
rehabilitation of sick industrial units, and is approved for rehabilitation by an
approved agency, appointed by the Central Government or the State
Government.
(2) Notwithstanding anything contained in section 32, the State Government may
set aside an order of assessment or penalty passed ex-parte against a sick unit and direct fresh disposal of the case in accordance with the law for the time
being in force.
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