(1) The Mokameh unit, and the undertakings of Arthur Butler and Company referred to in section 3, shall be deemed to include all assets, rights, lease-holds powers authorities and privileges and all property movable and immovable including lands, buildings workshops, stores instruments machinery and equipment cash balances, cash in hand reserve funds investments and boll debts pertaining of Arthur butler and company and all tights and interests in, or arising out of such property as were immediately before the appointed day in the ownership possession, power or control-
(a) of Britannia engineering company in relation to the Mokameh unit or
(b) of Arthur Butler and Company in relation to the undertakings owned by it,
whether within or outside India and all books of account registers and other documents of whatever nature relating thereto.
(2) All properties as aforesaid which have vested in the Central Government under section 3 shall be force of such vesting be freed and discharged from any trust, obligation mortgage charge lien and all other encumbrances affecting it, and any attachment, injunction or decree or order of any court or other authority, restricting the use of such whole or any part of such properties shall be deemed to have been withdrawn.
(3) Every mortgagee of any property which has vested under this Act in the Central Government and every person holding any charge, lien or other interest in or in relation to any such property shall give, within such time and in such manner as may be prescribed an intimation to the Commissioner of such mortgage, charge or other interest.
(4) for the removal of doubts it is hereby declared that the mortgagee of any property referred to in sub-section(3) or any other person holding and charge lien or other interest in, or in relation to any such property shall be entitled to claim, in accordance with his rights and interests, payments of the mortgagee money or other dues in whole or in part out of amounts specified in the first Schedule and also out of the monies determined under section 8 but no such mortgage charge lien or other interest shall be enforceable against any property which has vested in the Central Government or the Government Company as the case may be.
(5) If, on the appointed day, any suit appeal or other proceeding of whatever nature instituted or preferred by or against Britannia engineering company in relation to the Mokameh unit or by a against Arthur Butler and Company in relation to any undertaking owned by it, is pending the same shall not abate be discontinued or be in any way as the case may be undertakings of Arthur Butler and Company or of anything contained in this act, but the suit, appeal or other proceeding may be continued prosecuted or enforced by it against the Central Government or the Government Company as the case may be.