Section 5(1) in The National Iron And Steel Company Limited (Acquisition And Transfer Of Undertakings) Act, 1984
(1)Every liability, other than the liability specified in sub-section (2), of the Company in respect of any period prior to the appointed day shall be the liability of the Company and shall be enforceable against it and not against the Central Government or the State Government or, where the undertakings of the Company are directed under section 6 to vest in an existing Government company or become transferred by virtue of the provisions of section 7 to a new Government company, against such Government company.
