Section 7(2) in The India Belting And Cotton Mills Limited (Acquisition And Transfer Of Undertakings) Act, 1992
(2)Where the fight, title and interest of the Company in relation to its undertakings vest under sub-section (1) in a hew Government company, that new Government company shall, on and from the date of such vesting, be deemed to have become the owner in relation to such undertakings and the rights and liabilities of the State Government in relation to such undertakings shall, on and from the date of such vesting, be deemed to have become the rights and liabilities, respectively, of that new Government company.
