4. (1) Where the State Government is satisfied that it is necessary or expedient so to do for the purposes specified in section 3, it may, by notification in the Gazette, direct in relation to any relief under taking
(a) that all or any or the enactments specified in the Schedule shall not apply or shall apply with such adaptations whether by way of modification, addition or omission, as may be specified in this behalf ;
(b) that all or any of the contracts, assurances of property, agreements, settlements, awards, Standing Orders or other instruments in force under any law whatsoever, to which the undertaking is a party or which may be applicable to the undertaking, immediately before the date with effect from which the undertaking was declared a relief undertaking, shall be suspended in operation, or that all or any of the rights, privileges, obligations, and liabilities accruing or arising thereunder before the said date, shall be determined and be enforceable with such modifications and in such manner as may be specified in this behalf.
(2) A notification under sub-section (1) shall have effect notwithstanding anything to the contrary contained in any other law, agreement or instrument, and any remedy for the enforcement of any right, privilege, obligation or liability referred to in clause (b) of subsection (1) and suspended or modified by such notification shall in accordance with the terms of the notification be suspended ro modified and all proceedings relating thereto pending before any Court, Tribunal officer or authority shall accordingly be stayed or be continued subject to such modification, so however, that on the notification ceasing to have effect, all rights, privileges, obligations or liabilities so suspended or modified shall revive or revive in their unmodified form and be enforceable and all such proceedings as aforesaid shall thereafter be continued from the stage they were stayed, and in computing the period of limitation for the enforcement of any such right, privilege, obligation or liability, the period during which it or the remedy for the enforcement thereof was suspended, shall be excluded.