Section 3(1) in U.P. State Industrial Development Corporation Limited (Transfer of Assets and Liabilities) Act, 2018
(1)On and from the appointed date,-(a)all properties and all interest, rights and properties including gross business, movable and immovable properties, all kinds of investment, lease, lease agreements, hire purchase contracts, all profits, security arrangements, powers, allotments, restorations, transfer, transfer documents grants, consents, covenant, registration, contracts, license rights, ownerships, profits of any kind which is relieved in favour of the Corporation wherever situated, and vests in favour of the Corporation in the form of ownership, taxes, rights, control and otherwise of the Corporation, utilisation of surcharges etc. by the Corporation whether entered in the books of Corporation or not, but not confining to the above commercial names, any kind of academic properties, sanctions, adherences, right to use electricity and other general utilities, telephones, faxes, cars and motor vehicles, internet schemes and right to use on settlement, profit of covenant of all kind and other interests which are collectively called as the property of the Corporation shall be deemed to be transferred to, and vested in the Authority under the present status of complete ownerships, mortgages, pledges, hypothecation, etc.;(b)all debts, liabilities of Corporation including liabilities and obligations relating to Industrial Development Area, which collectively will be called as the liabilities of the Corporation whether entered in the books of the Corporation or not, properties, funds and excesses shall be deemed to be transferred to, and vested in the Authority without any other document, consequent upon which, they shall become debts, liabilities, duties, obligations, properties and excesses of the Authority. If necessary, the Corporation shall obtain the consent of the debtors concerned for the transfer of such liabilities and Authority shall, after transfer of such properties and liabilities also undertake the works of schemes of infrastructure development and industrial promotions undertaken by the Corporation, all plans of the Government of India and State Government which the Corporation is conducting and other development works assigned by the State Government and shall undertake the functions, responsibilities, liabilities vested in it under die provisions of Uttar Pradesh State Industrial Area Development Act, 1976.
