(1) On the appointed day, the Industrial Reconstruction Bank of India Act, 1984 shall stand repealed.
     (2) Notwithstanding the repeal of the Industrial Reconstruction Bank of India Act, 1984,--
         (a) the Company shall, so far as may be, comply with the provisions of Chapter VII of the Act so repealed for any of the purposes related to the annual accounts and audit of the Reconstruction Bank;
         (b) the provisions of Chapter VIII of the Act so repealed will continue to be applicable in respect of the arrangements entered into by the Reconstruction Bank with an industrial concern under section 18 thereof up to the appointed day and the Company will be entitled to act upon and enforce the same as fully and effectually as if this Act had not been enacted.