Section 25(1)(k) in The Maharashtra State Board of Technical Education Act, 1997
(k)that in the event of disaffiliation or derecognition or closure of the polytechnic or institution under section 32 or 35 as the case my be, all the assets of the institution including buildings and equipments which have been constructed or created out of the amount paid as grant-in-aid by the Government shall vest in the Government.