3. Definitions .-In this Act, unless t he context otherwise requires, -
(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 ;] (b)“Development Council ” means a Development Council established under section 6;
6[(bb) “existing industrial undertaking ” means- (a)in the case of an industrial undertaking pe rtaining to any of the industries specified in the
First Schedule as originally enacted, an industrial under taking which was in existence on the
commencement of this Act or for the establishment of which effective steps had been taken
before such commence ment, and (b)in the case of an industrial undertaking pertaining to any of the industries added to
the First Schedule by an amendment thereof, an industrial undertaking which is in existence on