(1) Notwithstanding anything contained in sections 7 and 8, the Central Government shall, as soon as may be after the specified date, direct by notification, that the undertakings and the right, title and interest of the Society in relation to such undertakings which had vested in the Central Government under section 7, shall, vest in the Centre either on the date of publication of the notification or on such earlier or later date as may be specified in the notification.
(2) Where the right, title and interest of the Society in relation to the undertakings vest, under subsection (1), in the Centre, the Centre shall, on and from the date of such vesting, be deemed to have become the owner in relation to such undertakings and the rights and liabilities of the Central Government in relation to such undertakings shall, on and from the date of such vesting, be deemed to have become, the rights and liabilities, respectively, of the Centre.
(2) Where the right, title and interest of the Society in relation to the undertakings vest, under subsection (1), in the Centre, the Centre shall, on and from the date of such vesting, be deemed to have become the owner in relation to such undertakings and the rights and liabilities of the Central Government in relation to such undertakings shall, on and from the date of such vesting, be deemed to have become, the rights and liabilities, respectively, of the Centre.
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More sections of this act
Section 1 · Short title and commencement.Section 2 · Definitions.Section 3 · Establishment and incorporation of India International Arbitration CentreSection 4 · Declaration of India International Arbitration Centre as an institution of national importance.Section 5 · Composition of Centre.Section 6 · Terms and conditions, etc., of Chairperson and Members.Section 7 · Transfer and vesting.Section 8 · General effect of vesting.India Code, Government of India. Text fetched 24 Oct 2026. Source metadata reports last modification: 2023-05-30. Check the linked official text and subsequent notifications when applying a provision.