Section 15(6)(b) in The Punjab Municipal Act, 1999
(b)the Government may, by notification, issue such orders as it may deem fit,-(i)as to the transfer to such local authority, or disposal otherwise of, the assets or institutions of the Nagar Panchayat of the transitional area; and(ii)as to the discharge of the liabilities, if any, of such Nagar Panchayat relating to such assets or institutions.