Section 23(7)

All debts and obligations incurred, ail contracts entered into and all matters and things done by with or for tbe Board, or the Gridco or OHPC, before a transfer scheme becomcs effective shall, to the extent specifield in the relevnut tranuler scheme, be deemed to have been incurred, entered into or done by with or for the State Government or the transferee, arid all suits or othzr legal proceedings instituted by or against the Board or transferor, as the case may bc, may be continued or insritxted by or aginst the State Government or the concerned transferee, as the case may be.