Section 7
Guarantee to be operative.
The Air Corporations (Transfer of Undertakings and Repeal) Act, 1994
About this Act
An Act to provide for the transfer and vesting of the undertakings of Indian Airlines and Air India respectively to and in the companies formed and registered as Indian Airlines Limited and Air India Limited and for matters connected therewith or incidental thereto and also to repeal the Air Corporations Act, 1953.
Any guarantee given for or in favour of a corporation with respect to
any loan or lease finance shall continue to be operative in relation to the company in which the
undertaking of that corporation has vested by virtue of this Act.