Establishments to vest in Government

—Notwithstanding anything contained in any other law for the time being in force or in any order or Judgment or decree of any Court or in any contract or other document, on and from the date of commencement of this Act, the establishments and allied institutions together with all its assets, rights, interests, balance outstanding on such date in the borrowings made by it directly or on behalf of it and all other liabilities and obligations of all kind related to it, shall vest in Government and any right, possession and interests of any individuals, or other institutions or shareholders of the societies in respect of it shall be ceased.