Section 5 in Haryana Electricity Reform (Transfer of Undertakings, Assets, Liabilities, Proceedings and Personnel) Scheme Rules, 1998
5. Transfer of Undertakings by the State.
[Sections 23 and 55]. - (1) (a) On the effective date, the Generation Undertakings as specified in Schedule A, but other than those which the State Government shall retain as specified in Schedule AB, shall vest in Genco without any further act or thing to be done by the Board, the State Government or Genco.(b)The value of the assets and liabilities vested in Genco shall be as specified in Schedule A.(c)In consideration of the Generation Undertakings vested by the State Government in terms of clauses (a) and (b) above, Genco shall issue to the State Government the shares, as specified in Schedule A.(2)(a)On the effective date, the Transmission and Distribution Undertakings as specified in Schedule B including all other assets, liabilities and proceedings of the Board other than those vested under sub-rule (1) in Genco and those which the State Government shall retain as specified in Schedule AB, shall vest in Transco, without any further act or thing to be done by the Board, the State Government or Transco.(b)The value of the assets, liabilities etc. vested in Transco shall be as specified in Schedule B.(c)In consideration of the Undertakings vested by the State Government in terms of clauses (a) and (b) above, the Transco shall issue to the State Government (the shares as specified in Schedule B.(3)Upon the transfers and vesting of the Undertaking as specified in these rules the Transferee shall be responsible for all contracts, deeds, schemes, bonds, agreements and other instruments of whatever nature related to the Undertaking transferred to the Transferee, to which the Board was a party, subsisting or having effect on the effective date in the same manner as the Board was liable immediately before the effective date and the same shall be in force and effect against or in favour of the Transferee and may be enforced as fully and effectively as if, instead of the Board, the Transferee was a party thereto.
