Status of assets and liabilities on dissolution or de-recognition: -

55. Status of assets and liabilities on dissolution or de-recognition: - (1) All assets, properties and liabilities of the private university including the permanent endowment fund, general fund, development fund or any other fund shall belong to the sponsoring body, provided that the private university is dissolved or de-recognized after झारखण्ड गजट (असाधारण) सोमवार, 25 नवम्बर, 2024 fifteen years from the date of its commencement subject to conditions mentioned in section-51, 52 and 53. (2) Nothing mentioned in sub-section (1) shall indemnify the sponsoring body from the provisions of sub-section (4)(e) of section 8 & sub-section-(4)(f) of section-8, sub-section (12) of Section 53 and sub-section (5)(a) of section 9.