The Air Corporations (Transfer of Undertakings and Repeal) Act, 1994

(1) This Act may be called the Air Corporations (Transfer ofUndertakings and Repeal) Act, 1994. (2) It shall be deemed to have come into force on the 29th day of January,1994.

In this Act, unless the context otherwise requires,-- (a) "appointed day" means such date as the Central Government may, by notification in theOfficial Gazette, appoint under section 3; (b) "company" means "Indian Airlines Limited" or "Air India Limited" formed and registeredunder the Companies Act, 1956 ( 1 of 1956); (c) "corporations" means Indian Airlines and "Air India" established under section 3 of the AirCorporations Act, 1953 (27 of 1953), and "corporation" means either of the corporations.

On such date as the Central Governmentmay, by notification in the Official Gazette, appoint, there shall be transferred to, and vest in,-- (a) Indian Airlines Limited, the undertaking of Indian Airlines; and (b) Air India Limited, the undertaking of Air India.

(1) The undertaking of acorporation which is transferred to, and which vests in, a company under section 3 shall be deemed toinclude all assets, rights, powers, authorities and privileges and all properties, movable and immovable,real or personal, corporeal or incorporeal, in possession or reservation, present or contingent, of whatevernature and wheresoever situate, including lands, works, workshops, aircrafts, cash balances, capitalreserves, reserve funds, investments, tenancies, leases and book debts and all other rights and interestsarising out of such property as were immediately before the appointed day in the ownership, possession orpower of that corporation in relation to its undertaking, whether within or outside India, all books ofaccount and documents relating thereto and shall also be deemed to include all borrowings, liabilities andobligations 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 andaffecting a corporation shall, in so far as they relate to the undertaking of that corporation, cease to haveeffect or to be enforceable against that corporation and shall be of as full force and effect against or infavour of the company in which the undertaking has vested by virtue of this Act and enforceable as fullyand effectually as if, instead of the corporation, the company had been named therein or had been a partythereto. (3) Any proceeding or cause of action pending or existing immediately before the appointed day byor against a corporation in relation to its undertaking may, as from that day, be continued and enforced byor against the company in which it has vested by virtue of this Act, as it might have been enforced by oragainst that corporation if this Act had not been passed, and shall cease to be enforceable by or againstthat corporation.

With effect from theappointed 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 tohave been granted to the company in which the undertaking of that corporation has vested.