Section 148(1)(d) in The Orissa Grama Panchayats Act, 1964
(d)when a Grama Panchayat is reconstituted under Clause (c) the Collector, until the date of reconstitution thereof, and the reconstituted Grama Panchayat thereafter, shall be entitled to all assets and shall be subject to all the liabilities of the Grama Panchayat as on the date of redelimitation and on the date of reconstitution, respectively.