Vesting of assets, etc. in the new Corporation

On the establishment, under the Road Transport Corporations Act, 1950, of a new Corporation— (a) all properties, movable and immovable, and all interests of whatsoever nature and kind therein belonging to, or vested in, the Municipal Corporation of Delhi, for the purpose of the Delhi Transport Undertaking immediately before such establishment, shall vest in the new Corporation; (b) all debts, obligations and liabilities incurred, all contracts entered into, and all matters and things engaged to be done by, with or for, the Municipal Corporation of Delhi for the purpose of the Delhi Transport Undertaking, and subsisting immediately before such establishment, shall be deemed to have been incurred, entered into or engaged to be done by, with or for, the new Corporation; (c) all suits, prosecutions and other legal proceedings instituted, or which might have been instituted, by, for or against, the Municipal Corporation of Delhi for the purpose of Delhi Transport Undertaking, may,— (i) if such suit, prosecution or other legal proceeding was pending immediately before the establishment of the new Corporation, or (ii) if the cause of action for such suit, prosecution or other legal proceeding arose before such establishment and the institution of such suit, prosecution or other legal proceeding was not barred before such establishment by any law for the time being in force: be continued or, as the case may be, instituted, by, for or against, the new Corporation; (d) all rules, regulations, appointments, notifications, bye-laws, schemes, orders, standing orders and forms relating to transport services, whether made under the Delhi Road Transport Authority Act, 1950, or under the Delhi Municipal Corporation Act, 1957 and in force immediately before such establishment, shall, in so far as they are not inconsistent with the provisions of this Act, continue to be in force and be deemed to be regulations made by the new Corporation under section 45 of the Road Transport Corporation Act, 1950, unless and until they are superseded by regulations made under that section; (e) notwithstanding anything contained in any other law for the time being in force or in any contract to the contrary, every officer and other employee of the Municipal Corporation of Delhi appointed or deemed to be appointed for the purpose of the Delhi Transport Undertaking shall be transferred to, and become an officer or other employee of, the new Corporation with such designation as the new Corporation may determine and shall hold such office by the same tenure, on the same remuneration and on the same terms and conditions of service and with the same right to pension, gratuity and other matters as he would have held the same if the new Corporation had not been established and shall continue to do so unless and until such employment, tenure, remuneration and terms and conditions of service are duly altered or terminated by the new Corporation: Provided that the tenure, remuneration and other terms and conditions of service of any such officer or other employee shall not be altered to his disadvantage without the approval of the Central Government: Provided further that any service rendered, or deemed to have been rendered, in relation to road transport service, under the Municipal Corporation of Delhi, by any such officer or other employee before the establishment of the new Corporation shall be deemed to be service rendered under the new Corporation.