University shall stand dissolved and all the assets and liabilities of the University shall vest in the sponsoring body from such date.

Secretary level committee and operationalization of University

1. (1) Immediately after the commencement of this Act, there shall be established a Secretary Level Committee in order to verify and ensure compliance of the requirements to the guidelines relating to the establishment of self-financed universities, framed by the State Government from time to time; and of the undertakings submitted by the sponsoring body. The Committee shall consist of the Secretaries-in-charge of the Higher and Technical Education Department, the Finance Department and the Planning Department.
2. (2) The Committee constituted under sub-section (1), shall submit its report to the Government.
3. (3) On receipt of the report under sub-section (2), the State Government shall, publish a notification in the Official Gazette allowing the operationalization of the University.
4. (4) The University shall, admit the students only after issuance of the notification under sub-section (3).