Adjustment of assets and liabilities

(1) Where the sum total of the value of the properties and interests referred to in clause (a) of section 4, vested in the new Corporation (hereinafter in this section referred to as "the assets") exceeds the sum total of the debts, obligations and liabilities which are deemed to have been incurred by the new Corporation under clause (b) of that section (hereinafter in this section referred to as "the liabilities"), such excess shall be paid by the new Corporation to the Municipal Corporation of Delhi on such terms and conditions as may be determined by the Central Government in this behalf. (2) Where the sum total of the liabilities exceeds the sum total of the value of the assets, such excess shall be paid by the Municipal Corporation of Delhi to the new Corporation on such terms and conditions as may be determined by the Central Government in this behalf. (3) The sum total of the value of the assets and the sum total of the liabilities shall be such amounts as may be arrived at by agreement between the Municipal Corporation of Delhi and the new Corporation and where no such agreement can be reached, the amounts shall be determined by an arbitral tribunal consisting of one nominee of the Municipal Corporation of Delhi, one nominee of the new Corporation and a Chairman, to be nominated by the Chief Justice of the High Court of Delhi. (4) An appeal shall lie to the High Court of Delhi against the decision of the tribunal and the order of that High Court on such appeal shall be final.