Section 5(3) in The Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997
(3)Notwithstanding anything contained in the Industrial Dispute Act, 1947 (14 of 1947) or in any other law for the time being in force, the transfer of the services of any officer or other employee of the Reconstruction Bank to the Company shall not entitle such officer or other employees to any compensation under this Act or under any other law for the time being in force and no such claim shall be entertained by any court, tribunal or other authority.
