Public Sector Iron and Steel Companies (Restructuring) and Miscellaneous Provisions Act : SAVING OF LEGAL

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

Act No : 16

Section : SAVING OF LEGAL PROCEEDINGS

SECTION 24: SAVING OF LEGAL PROCEEDINGS

If, on the appointed day, there is pending any suit, arbitration, appeal or other legal proceedings of whatever nature by or against a dissolved company, the same shall not abate, be discontinued or be in any way prejudicially affected by reason of the transfer under the provisions of this Act to the Integral Company or any other transferee company, as the case may be of the undertakings of the dissolved company or of anything contained in this Act, but the suit, arbitration, appeal or other proceeding may be continued, prosecuted and enforced by or against the Integral Company or other transferee company, as the case may be, in the same manner and to the same extent as it would or might have been continued prosecuted and enforced by or against the dissolved company if this Act had not been passed.