Section 3(3)(vii) in The Punjab Panchayati Raj Act, 1994
(vii)The benefit or burden of any assets and liabilities of the existing Gram Panchayat, not dealt with in the forgoing provisions of this section shall, pass on to the successor Gram Panchayats in the manner agreed upon between them and in case no such agreement is reached within a period of one year from the date of exclusion of the Gram Sabha area the State Government shall be competent to determine the same at the request of either of the Gram Panchayats.