Section 23
Saving of contracts, etc.
The Public Sector Iron and Steel Companies (Restructuring) and Miscellaneous Provisions Act, 1978
About this Act
An Act to provide for restructuring of the iron and steel companies in the public sector so as to secure better management and greater efficiency in their working and for matters connected therewith or incidental thereto.
(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.
(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.