(1) The Undertaking shall be deemed to include, all properties and assets, rights, leaseholds, powers, authorities and privileges and all property movable and immovable including lands, buildings, offices, stores, plants, machinery and equipment, installations, instruments, office furniture, stationary and office equipments, vehicles, staff quarters, workers' colonies together with amenities and installations pertaining thereto, and other rights and interests in, or arising out of such properties and assets as were immediately before the appointed day in the ownership, possession, power and control of the Nigam in relation to the Undertaking, whether within or outside the State of Uttar Pradesh, and all books of accounts, registers and other documents of whatever nature relating thereto, but not to Include cash in hand, cash at bank, investments, book debts (other than outstanding advances for procurement of materials for the undertaking) or rights, liabilities and obligations respecting any other contract.
(2) If on the appointed day, any suit, appeal or other proceeding of whatever nature in relation to any property or assets which has vested in the State Government under section 3, instituted or preferred by or against the Nigam in relation to the undertaking, is pending, the same shall not abate, be discontinued or be, in any way, prejudicially affected by reason of the transfer of the Undertaking or of anything contained in this Act, but the suit, appeal or other proceeding may be continued, prosecuted or enforced by or against the State Government or where the Undertaking vests in the Corporation under Section 5, by or against the Corporation.