Vesting of undertaking: all society assets, rights, liabilities and ongoing proceedings transfer to the Producer Company on transformation. Section 378L provides that upon transformation all properties and assets of the inter-State co-operative society vest in the Producer Company and all rights, debts, liabilities, interests, privileges and obligations transfer to it; debts, contracts and matters engaged for the society's purposes are deemed to be those of the Producer Company, sums due are deemed due to the Producer Company, the society's capital forms part of the company's capital, statutory or contractual references to the society refer to the Producer Company, organisations and assistance arrangements continue under the Producer Company, and pending legal proceedings do not abate but continue with the Producer Company as party.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Vesting of undertaking: all society assets, rights, liabilities and ongoing proceedings transfer to the Producer Company on transformation.
Section 378L provides that upon transformation all properties and assets of the inter-State co-operative society vest in the Producer Company and all rights, debts, liabilities, interests, privileges and obligations transfer to it; debts, contracts and matters engaged for the society's purposes are deemed to be those of the Producer Company, sums due are deemed due to the Producer Company, the society's capital forms part of the company's capital, statutory or contractual references to the society refer to the Producer Company, organisations and assistance arrangements continue under the Producer Company, and pending legal proceedings do not abate but continue with the Producer Company as party.
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