4. (1) Where the State Government is satisfied that it is
necessary or expedient so to do for the purposes specified in section 3,
it may, by notification in the Gazette, direct in relation to any relief
under taking
(a) that all or any or the enactments specified in the Schedule
shall not apply or shall apply with such adaptations whether by way of
modification, addition or omission, as may be specified in this behalf ;
(b) that all or any of the contracts, assurances of property,
agreements, settlements, awards, Standing Orders or other
instruments in force under any law whatsoever, to which the
undertaking is a party or which may be applicable to the undertaking,
immediately before the date with effect from which the undertaking
was declared a relief undertaking, shall be suspended in operation, or
that all or any of the rights, privileges, obligations, and liabilities
accruing or arising thereunder before the said date, shall be
determined and be enforceable with such modifications and in such
manner as may be specified in this behalf.
(2) A notification under sub-section (1) shall have effect
notwithstanding anything to the contrary contained in any other law,
agreement or instrument, and any remedy for the enforcement of any
right, privilege, obligation or liability referred to in clause (b) of subsection (1) and suspended or modified by such notification shall in
accordance with the terms of the notification be suspended ro modified
and all proceedings relating thereto pending before any Court, Tribunal
officer or authority shall accordingly be stayed or be continued subject
to such modification, so however, that on the notification ceasing to
have effect, all rights, privileges, obligations or liabilities so suspended
or modified shall revive or revive in their unmodified form and be
enforceable and all such proceedings as aforesaid shall thereafter be
continued from the stage they were stayed, and in computing the
period of limitation for the enforcement of any such right, privilege,
obligation or liability, the period during which it or the remedy for the
enforcement thereof was suspended, shall be excluded.
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