Where, immediately before the appointed day, the existing State of Punjab is liable as guarantor in respect of any liability of a registered co-operative society or other person, that liability of the existing State of Punjab shall—
(a) if the area of the operations of such society or person is limited to the territories which on and from that day are the territories of one of the successor States, be a liability of that successor State; and
(b) in any other case, be a liability of the State of Punjab:
Provided that in any such case as is referred to in clause (b) the initial allocation of liabilities under this section shall be subject to such financial adjustment as may be agreed upon between all the successor States, or in default of such agreement, as the Central Government may by order direct.