The Airports Authority of India Act, 1994
13.Undertakings of the International Airports Authority and the National
Airports Authority to vest
in the Authority.-
- On and from the appointed day, there shall be transferred to
and vest in the authority constituted under section 3 of the undertakings of the
International Airports Authority and the National Airports Authority.
- The undertakings of the International Airports Authority or the National
Airports Authority which is transferred to and which vests in the Authority
under sub-section (1) shall be deemed to include all assets, rights powers
authorities and privileges and all property movable and immovable real or
personal corporate or incorporeal, present or contingent, of whatever nature
and where so ever situate including lands, building machinery equipment works
workshops cash balances capital reserves reserve funds investments tenancies
leases and book debts and all other rights and interests arising out of such
properly as were immediately before the appointed day in the ownership
possession or pour of the International Airports Authority or as the case may
be, the National Airports Authority in relation to its undertaking whether
within or outside India all books of account and documents relating thereto and
shall also be deemed to include all borrowings, liabilities and obligations of
whatever kind then subsisting of the International Airports Authority or as the
case may be the National Airports Authority in relation to its undertaking.
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