Acquisition of rights of owners in respect of sick textile undertaking

(1) On the appointed day, the sick textile undertaking and the right title and interest of the owner in relation to such sick textile undertaking shall, by virtue of this Act, stand transferred to, and shall vest absolutely in the State Government. (2) The sick textile undertaking which stands vested in the State Government under sub-section (1) shall, immediately after it has so vested, stand transferred to, and vest in the State Textile Corporation.