law: Cost and Works Accountants Act, 1959 
  31. Transfer of assets and liabilities of the
  
  dissolved company to the Institute 
  (1) On the commencement of this Act, there
  
  shall be transferred to and vested in the Institute all the assets and
  
  liabilities of the dissolved company.
  (2) The assets of the dissolved company shall
  
  be deemed to include all rights and powers, and all property, whether movable
  
  or immovable of the company, including, in particular, cash balances, reserve
  
  funds, investments, deposits and all other interests and rights in or arising
  
  out of such property as may be in the possession of the dissolved company and
  
  all books of accounts or documents of the dissolved company and the liabilities
  
  shall be deemed to include all debts, liabilities and obligations of whatever
  
  kind then existing of that company.
  (3) All contracts, debts, bonds, agreements
  
  and other instruments of whatever nature to which the dissolved company is a
  
  party, subsisting or having effect immediately before the commencement of this
  
  Act, shall be of as full force and effect against or in favor of the Institute,
  
  as the case may be, and may be enforced as fully and effectively as if instead
  
  of the dissolved company, the Institute had been a party thereto.
  (4) If, on the commencement of this Act, any
  
  suit, appeal or other legal proceeding of whatever nature by or against the
  
  dissolved company is pending, the same shall not abate, be discontinued or be
  
  in any way prejudicially affected by reason of the transfer to the Institute of
  
  the assets and liabilities of the dissolved company or of any thing contained
  
  in this Act, but the suit, appeal or other proceeding may be continued,
  
  prosecuted and enforced by or against the Institute, in the same manner and to
  
  the same extent as it would or may be continued, prosecuted and enforced by or
  
  against the dissolved company if this Act had not been passed.