(1) This Ordinance may be called the Air Corporations (Transfer of Undertakings and Repeal) Ordinance, 1994,
(2) It shall come into force at one .
Short title and commencement.
2 n i h GAZFlfb OF fNDI \ EXTftAGRDiNARY LPAUT I t - Dciinitio1!;.
2. In this Ordinance, unless the context otherwise requires,— (a; "appointed day" means such date as the Centra! Government may, by notification in the Official Gazette, appoint under .section 3;
(b) ''company" means 'Indian Airlines Limited'1 or "Air India Limiiei'1 formed ind registered under the Companies Act, 1956; 1 of 1956.
(c) "corporations" means "Indian Airlines" and "Air India' established under section 3 of the Air Corporations Act, 1953 (hereinafter referred to as the principal Act), and "corporation'1 means cither of the corporations;
£7 cf 1953.
Undertakings of corpox lotion;; to vest m companies 3, On such date as the Central Government may, by notification in the Official Gazette, appoint, t-here shall be transferred to, and vest in,—
(a) Indian Airlines Limited, the undertaking of Indian Airliner;
and
(fa) Air India Limited, the undertaking of Air India.
Gone ral effect of voting underla.
kings in the companies.
4. (!) The undertaking of a corporation which is transferred io, and which vests in, a company under section 3 shall be deemed to include all assets, lights, powers, authorities and privileges and all properties, movable and immovable, real or personal, corporeal or incorporeal, in possession reservation, present or contingent, of whatever nature and wheiesoever situate, including lands, works, workshops, aircrafts, cash balances, capital, reserves, reserve funds, investments, tenancies, leases and book debts and all other rights and interests arising out of such property as were immediately before the appointed day in the ownership, possession or power of that corporation in relation to its undertaking, whether within or outside India, all books of accounts and documents relating thereto and shall a^o be deemed to include all borrowings, liabilities and obligations of whatever kind then subsisting of that corporation in relation to its undertaking.
(2) All contracts and working arrangements subsisting immediately before the appointed day and affecting a corporation shall, in so far as they relate to the undertaking of that corporation, cease to have effect or to be enforceable against that corporation and shall be of as full force and effect against or in favour of the company in which the undertaking has vested by virtue of this Ordinance and enforceable as fully and effectually as if, instead of the corporation, the company had been named therein or had been a party thereto.
(3) Any proceeding or cause of action pending or existing immediately beforne the appointed day by or against a corporation in relation to its undertaking may, as from that day, be continued and enforced by or against the company in which] it has vested by virtue of this Ordinance, as it might have been enforced by or against that corporation if this Ordinance had not been passed, and shall cease to be enforceable by or against that corporation.
Sue. 1] THE GAZETTE OF INDIA EXTRAORDfNARY 3
5. With effect irom the appointed day, all licences, permits, quotas and exemptions; granted to a corporation in connection with the affairs and business of that corporation under any law for the time being in force shall be deemed to have been granted t0 the company m which the undertaking of that corporation has vested.
Licences, etc., to Dc deemed to have bet; n granted to companies.
43 of 1961-