TRANSFER OF ASSETS AND LIABILITIES OF THE DISSOLVED COMPANY TO THE INSTITUTE
(1) On the commencement of this Act, there shall be transferred to and vested in the
Institute all the assets and liabilities of the dissolved company.
(2) The assets of the dissolved company shall be deemed to include all rights and powers,
and all property, whether movable or immovable, of that company, including in particular,
cash balances, reserve funds, investments, deposits and all other interests and rights in
or arising out of such property as may be in the possession of the dissolved company and
all books of accounts, papers or documents of the dissolved company; and the liabilities
shall be deemed to include all debts, liabilities and obligations of whatever kind then
existing of that company.
(3) All contracts, debts, bonds, agreements and other instruments of whatever nature to
which the dissolved company is a party, subsisting or having effect immediately before the
commencement of this Act, shall be of as full force and effect against or in favour of the
Institute, as the case may be, and may be enforced as fully and effectively as if instead
of the dissolved company, the Institute had been a party thereto.
(4) If, on the commencement of this Act, any suit, appeal or other legal proceeding of
whatever nature by or against the dissolved company is pending, the same shall not abate,
be discontinued or be in any way prejudicially affected by reason of the transfer to the
Institute of the assets and liabilities of the dissolved company or of anything contained
in this Act, but the suit, appeal or other proceeding may be continued, prosecuted and
enforced by or against the Institute, in the same manner and to the same extent as it
would or may be continued, prosecuted and enforced by or against the dissolved company if
this Act had not been passed.
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