Notw1thstandmg anv law, usage, custom, contract, mstrument, deCI ee, ordet, award, subnllSSlon, settlement, standmg 01 der 01 other p1 ovlston whatsoever, the Gove1 nment may, by notification m the Gazette, dnect that-
(a) 111 tclation to any 1 chef undertakmg and m respect of the pe110d for wluch the 1el1ef undertakmg continue~ as such undet sub sectiOn (2) of sect ton 3-
(z) all the plovtsions of the laws spec1fied in the Scheuule to th1s Act, wh1ch mvolve any financ1al commitment 01 expendttUI e shall not apply (and such tehefunde1takmg shall be exempt therefrom), or all or any of such ptov1~10ns shall, tf so dtrectcd by the Government, he applied w1th ~uch modtficatiOns (whtch do not however affect the policy of the said ldiiS) a~ may be speczfied m the not1ficat10n;
(zz) all 01 any of the agreements, settlements, or awatds made undet any of the laws specified m the Schedule to tlus Act, which may be applicable to the undertakmg tmmedmtely befo1e 1t was acqutred or taken ove1 by the Gove1nment 01 before any loan, guatantee, 01 other financJ,ti.J~~•slance was p!OVHlcd to 1t hyorwtth the apptoval of the Govelllment lo1 bcmg run as ~ 1 ehel utH.lertakmg, shall be ~~pen<.led in / • 57 operation, or shall, 1fso di1ected by the Go,ernment, be appl1ed with such modllic'lltons as may be spectficd 111 the nottficatLOn;
(b) dUimg the pe110d m wh1ch the 1 eltef undcrtakmg contmue~ as such under sub-sect10n (2) of section 3 any hab1ltty or obhgatlon of the undertakmg accrued or mcurred before the undet takmg was declared a tehef undet takmg and any remedy for the enforcement theteof shall be suspended and all p10ceedmgs 1 elattve thet eto pendmg befme any court, Tnbunal, Officer 01 authottty <>hall be stayed,
(c) the 1 ight, ptivdege, obligatiOn 01 ltabi!tty referred to 111 clause (b) shall, on the notificatiOn ceasmg to have fotce, revive and be enforceable and the proceedings refetred to therein shall be contmuecl.
Provided that m computmg the peuod of l1m1tatton for the enforce ment of such nght, pttvliege, obligation or liabi!tty, the penod dunng which tt was suspended under clause (b) shall be excluded notwtth standmg anythmg contamed m any Jaw for the time bemg 111 force.