Section 38(3)(i) in The Chhattisgarh Nagar Tatha Gram Nivesh Adhiniyam, 1973
(i)all assets and liabilities acquired and incurred by the local authority in the discharge of the duty under the proviso to sub-section (2) shall belong to and be demand to be the assets and liabilities of the Town and Country Development Authority established in place of such local authority;