Section 3(a)

(a) “Advisory Council ” means the Central Advisory Council established under section 5; 3[(aa) “ancillary industrial undertaking ” means an industrial undertaking which, in accordance with the proviso to sub -section ( 1) of section 11B and the requirements specified under that sub-section, is entitled to be regarded as an ancillary industrial undertaking for the purposes of this Act;] 4[5[(ab)] “current assets ” means bank balances and cash and include s such other assets or reserves as are expected to be realised in cash or sold or consumed within a period of not more than twelve months in the o rdinary course of business, such as , stock -in-trade, amounts due from sundry debtors for sale of goods and for services rendered, advance tax payments and bills receivable, but does not include sums credited to a provident fund, a pension fund, a gratuity fund or any other fund for the welfare of the employees, maintained by a company owning an industrial undertaking; 5[(ac)]“current liabilities ” means liabilities which must be met on demand or within a period of twelve months from the date they are incurre d; and includes any current liability which is suspended under section 18FB ;]