Section 5(1) in The Gresham And Craven Of Indian (Private) Limited (Acquisition And Transfer Of Undertakings) Act, 1977
(1)Every liability of the Company in respect of any period prior to the appointed day, shall be the liability of the Company and shall be enforceable against it and not against the Central Government, or, the Braithwaite and Company Limited, or, where the undertakings of the Company are directed, under section 7, to vest in a Government company, against that Government company.
