Transfer of assets and liabilities

(a) Department or any other Department of the Government, shall vest in and stand transferred to the Corporation; (b) all rights, obligations and liabilities, acquired or incurred, all contracts entered into and all matters and things engaged to be done by, with or for the Government, immediately before such date for or in connection with the purposes of any project or work or scheme or any part thereof vested in or entrusted to, the Corporation under section 15, shall be deemed to have been acquired, incurred, entered into and engaged to be done by, with or for the Corporation; (c) all non-recurring expenditure incurred by or for the Government, or in connection with the purposes of any project or work or scheme or any part thereof, so vested in, or entrusted to, the Corporation, upto such date and declared to be capital expenditure by the Government shall subject to such terms and conditions as may be prescribed, be treated as capital provided by the Government to the Corporation; (d) all sums of money due to the Government in relation to any project or work or scheme or any part thereof so vested in or entrusted to the Corporation immediately before such date shall be deemed to be due to the Corporation; (e) all suits and other legal proceedings instituted or which could have been instituted by or against the Government, immediately before such date for any matter in relation to any project or work or scheme or any part thereof may be continued or instituted by or against the Corporation.