law: The Indian Council of World Affairs Act, 2001
  5. Transfer of assets
  
  and liabilities of the existing Council to the Council.-
  1.  
  
    On
  
  and from the appointed day,-
  a.   all properties and
  
  other assets vested in the existing Council immediately before that day, shall
  
  vest in the Council;
  b.   all debts,
  
  obligations and liabilities incurred, all contracts entered into and all
  
  matters and things engaged to be done by, with or for the existing Council
  
  immediately before that day for or in connection with the purposes of the
  
  existing Council, shall be deemed to have been incurred, entered into and
  
  engaged to be done by, with or for the Council;
  c.   all sums of money due
  
  to the existing Council, immediately before that day, shall be deemed to be due
  
  to the Council;
  d.   all suits and other
  
  legal proceedings instituted or which could have been instituted by or against
  
  the existing Council, immediately before that day, may be continued or
  
  instituted by or against the Council; and
  e.   every employee
  
  holding any office under the existing Council immediately before that day,
  
  shall, on that day, hold his office or service under the Council with the same
  
  rights and privileges as to pension, gratuity and other matters as would have
  
  been admissible to him if there had been no such vesting; and shall continue to
  
  do so unless and until his employment under the Council is duly terminated or
  
  until his remuneration and other conditions of service are duly altered by the
  
  Council.
  1.  
  
  
  2.  
  
  
  
    Notwithstanding
  
  anything contained in the Industrial Disputes Act, 1947 (14 of 1947) or in any
  
  other law for the time being in force, the absorption of any employee by the
  
  Council in its regular service under this section shall not entitle such
  
  employee to any compensation under that Act or any other law and no such claim
  
  shall be entertained by any court, tribunal or other authority.