Transfer of assets and liabilities of the Government to the Corporation

(1) All movable and immovable assets and liabilities of the existing hospitals, medical colleges and attached institutions under the control of Director of Medical Education (DME), as specified in Schedule shall vest in and stand transferred to the Corporation by a suitable process in compliance with applicable rules, laws and regulations. (2) The Government may by notification from time to time alter/add to the Schedule. (3) The Corporation shall be entitled to create security and/or escrow arrangements to raise financing from any creditor. (4) Such properties, assets, rights, obligations and liabilities shall be valued in such manner as the Government may determine. (5) If any doubt or dispute arises as to which of the properties or assets or rights or liabilities of the Government have been transferred to the Corporation, such doubt or dispute shall be referred to and decided by the Government, whose decision shall be final. (6) In case of shortfall in revenues of APMERC for debt servicing, the Government shall assist APMERC to the extent of shortfall through provision of grants or other appropriate means.