Section 8
Guarantee to be operative.
The Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997
About this Act
An Act to provide for the transfer and vesting of the undertakings of the Industrial Reconstruction Bank of India to and in the Company to be formed and registered as a Company under the Companies Act, 1956, and for matters connected therewith or incidental thereto and also to repeal the Industrial Reconstruction Bank of India Act, 1984.
Any guarantee given for or in favour of the Reconstruction Bank
with respect to any loan, lease finance or other assistance shall continue to be operative in relation to
the Company.