Section 5(1) in The Bharat Hydro Power Corporation Limited (Acquisition and Transfer of Undertaking) Act, 1996
(1)Liabilities of the undertaking of the company incurred in any period upto the appointed day shall be the liabilities of the company and shall be enforceable against it and not against the State Government or where the undertaking of the company are directed, under Section 6 to vest in the Board, against that Board :Provided that the State Government may, after observing proper financial formalities and by notification, declare certain liabilities or class or classes of liabilities to be the liabilities of the State Government or the Board, as the case may be.
