Public Sector Iron and Steel Companies (Restructuring) and Miscellaneous Provisions Act,1978

Act No : 16

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Section : SAVINGS OF CONTRACTS ETC

SECTION 23: SAVINGS OF CONTRACTS ETC

(1) All contracts, deeds, bonds, agreements and other instruments of whatever nature to which the dissolved company is a party subsisting or having effect immediately before the appointed day, shall, as from that day be of full force and effect against, or in favour of the Integral Company or other transferee company, as the case may be, and may be enforced as fully and effectually as if, instead of the dissolved company, the Integral Company or other transferee company had been a party thereto.

(2) All contracts, deeds, bonds, agreements and others instruments of whatever nature to which the company in respect of a transferred unit is a party if and in so far as it relates to matters pertaining to the undertakings of the transferred unit subsisting or having effect immediately before the appointed day, shall as from that day, be of full force and effect against, or in favour of the Integral company or other transferee company, as the case may be, and may be enforced as fully and effectually as if, instead of such company, the Integral Company or other transferee company had been a party thereto.

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