Any remedy for the enforcement of any right, privilege, obligation or liability referred to in clause (b) of sub-section (1) of section 4 and suspended or modified by a notification under that sub-section shall, in accordance with the terms of the notification, be suspended or modified and all proceedings relating thereto pending before any court, tribunal or officer or other authority shall accordingly be stayed or be continued subject to such modification, so, however, that on the notification ceasing to have effect,-
(a) any right, privilege, obligation or liability so suspended or modified shall revive and be enforceable as if the notification had never been issued; and
(b) any proceeding so stayed shall be proceeded with subject to the provisions of any law which may then be in force from the stage which had been reached when the proceeding was stayed.