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[Cites 0, Cited by 0] [Section 3(1)] [Section 3] [Entire Act]

State of Uttar Pradesh - Subsection

Section 3(1)(b) in U.P. State Industrial Development Corporation Limited (Transfer of Assets and Liabilities) Act, 2018

(b)all debts, liabilities of Corporation including liabilities and obligations relating to Industrial Development Area, which collectively will be called as the liabilities of the Corporation whether entered in the books of the Corporation or not, properties, funds and excesses shall be deemed to be transferred to, and vested in the Authority without any other document, consequent upon which, they shall become debts, liabilities, duties, obligations, properties and excesses of the Authority. If necessary, the Corporation shall obtain the consent of the debtors concerned for the transfer of such liabilities and Authority shall, after transfer of such properties and liabilities also undertake the works of schemes of infrastructure development and industrial promotions undertaken by the Corporation, all plans of the Government of India and State Government which the Corporation is conducting and other development works assigned by the State Government and shall undertake the functions, responsibilities, liabilities vested in it under die provisions of Uttar Pradesh State Industrial Area Development Act, 1976.