The Central Board may reduce or waive the damages levied under Section 14-B of the Act in relation to an establishment specified in the second proviso to Section 14-B subject to the following terms and conditions, namely,-
(a) In case of a change of management including transfer of the undertaking to workers' cooperative and in case of merger or amalgamation of the sick industrial company with any other industrial company, complete waiver of damages may be allowed;
(b) In cases, where the Board for Industrial and Financial Reconstruction, for reasons to be recorded in its scheme, in this behalf recommends, waiver of damages up to 100 per cent may be allowed ;
(c) In other cases, depending on merits, reduction of damages up to 50 per cent may be allowed.
Transfer of Undertaking
