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Home > Bare Acts > Others > Amritsar Oil Works (Acquisition and Transfer of Undertakings) Act,1982 > GENERAL EFFECT OF VESTING



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Amritsar Oil Works (Acquisition and Transfer of Undertakings) Act,1982

Act No : 50

 

Section : GENERAL EFFECT OF VESTING

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SECTION 04: GENERAL EFFECT OF VESTING

(1) The Amritsar Oil Works shall be deemed to include all assets, rights, lease-holds, powers, authorities and privileges and all property, movable and immovable, including lands, buildings, workshops, stores, instruments, machinery and equipment, cash balances, cash in hand, reserve funds, investments and book debts pertaining to the Amritsar Oil Works, and all other rights not interests in, or arising out of, such property as were immediately before the appointed day in the ownership, possession, power or control of the Amritsar Sugar Mills Company, in relation to the Amritsar Oil Works, whether within or outside India, and all books of account, registers and other documents of whatever nature relating thereto.

(2) All properties as aforesaid which have vested in the Central Government under section 3-shall, by force of such vesting, be freed and discharged from any trust, obligation, mortgage, charge, lien and all other incumbrances affecting them, and any attachment, injunction or decree or order of any court or other authority, restricting the use of such properties in any manner or appointing any receiver in respect of the whole or any part of such properties shall be deemed to have been withdrawn.

(3) Every mortgagee of any property which has vested under this Act in the Central Government and every person holding any charge, lien or other interest in, or in relation to, any such property shall give, within such time and in such manner as may be prescribed, an intimation to the Commissioner of such mortgage, charge, lien or other interest.

(4) For the removal of doubts, it is hereby declared that the mortgagee of any property referred to in sub-section (3) or any other person holding any charge, lien or other interest in, or in relation to, any such property shall be entitled to claim, in accordance with his rights and interests, payment of the mortgage money or other dues, in whole or in part, out of amounts specified in section 7-, but no such mortgage, charge, lien or other interest shall be enforceable against any property which has vested in the Central Government.

(5) Any licence or other instrument granted to the Amritsar Sugar Mills Company in relation to the Amritsar Oil Works which has vested in the Central Government under section 3-at any time before the appointed day and in force immediately before that day shall continue to be in force on and after such day in accordance with its tenor in relation to, and for the purposes of, the Amritsar Oil Works, and, on and from the date of vesting of the Amritsar Oil Works under section 5-in a Government company, that Government company shall be deemed to be substituted in such licence or other instrument as if such licence or other instrument had been granted to that Government company and that Government company shall hold it for the remainder of the period for which the Amritsar Sugar Mills Company to which it was granted would have held it under the terms thereof.

(6) If, on the appointed day, any suit, appeal or other proceeding of whatever nature instituted or preferred by or against the Amritsar Sugar Mills Company in relation to the Amritsar Oil Works, is pending, the same shall not abate, be discontinued or be, in any way, prejudicially affected by reason of the transfer of the Amritsar Oil Works or of anything contained in this Act, but the suit, appeal or other proceeding may be continued, prosecuted or enforced by or against the Central Government or where the Amritsar Oil Works are directed to vest in a Government company undersection 5-, by or against the Government company.




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