(9)The registration of the scheme shall have the following effects, namely:—(a)transfer of property or liabilities of the transferor company to the transferee company so that the property becomes the property of the transferee company and the liabilities become the liabilities of the transferee company;(b)the charges, if any, on the property of the transferor company shall be applicable and enforceable as if the charges were on the property of the transferee company;(c)legal proceedings by or against the transferor company pending before any court of law shall be continued by or against the transferee company; and(d)where the scheme provides for purchase of shares held by the dissenting shareholders or settlement of debt due to dissenting creditors, such amount, to the extent it is unpaid, shall become the liability of the transferee company.
