Section 31(1) in The Compensatory Afforestation Fund Act, 2016
(1)On and from the date of constitution of the National Authority—(i)all the assets and liabilities of the ad hoc Authority shall stand transferred to, and vested in, the National Authority;Explanation.—The assets of the ad hoc Authority shall be deemed to include all rights and powers, all properties, whether movable or immovable, including in particular, cash balances, deposits, and all other interests and rights in, or arising of, such properties as may be in the possession of the ad hoc Authority and all books of account and other documents relating to the same, and liabilities shall include all debts, liabilities and obligations of whatever kind;(ii)without prejudice to the provisions of clause (i), all debts, obligations and liabilities incurred, all contracts entered into and all matters and things engaged to be done by, with or for the ad hoc Authority immediately before constitution of the National Authority, for or in connection with the purpose of the ad hoc Authority, shall be deemed to have been incurred, entered into or engaged to be done by, with or for, the National Authority;(iii)all sums of money due to the ad hoc Authority immediately before constitution of the National Authority shall be due to the National Authority;(iv)all suits and legal proceedings instituted or which could have been instituted by or against the ad hoc Authority may be continued or may be instituted by or against the National Compensatory Authority.
