law: Electricity Act, 2003 
  132. Use of proceeds
  
  of sale or transfer of Board, etc.- 
  In the event that a
  
  Board or any utility owned or controlled by the Appropriate Government is sold
  
  or transferred in any manner to a person who is not owned or controlled by the
  
  Appropriate Government, the proceeds from such sale or transfer shall be
  
  utilised in priority to all other dues in the following order, namely:--
  a.      dues (including
  
  retirement benefits due) to the officers and employees of such Board or
  
  utility, who have been affected by the aforesaid sale or transfer;
  b.     Payment of debt or
  
  other liabilities of the transferor as may be required by the existing loan
  
  covenants.