Transfer of and vesting of interest in the property.

Notwithstanding anything to the contrary contained in any law, rule, agreement, instrument, lease deed or contract or in any judgement, decree or order of any court:-- (a) the interests or rights of the allottee or any person in the property, which have been extinguished under section 3, shall, by virtue of this Act, stand transferred to and vest in the authority; (b) the property, shall, by virtue of such vesting as aforesaid, become free from all the encumbrances and obligations.