The Airports Authority Of India Act,1994
13. Undertakings of the International Airports Authority and the National Airports Authority to vest in the Authority.
(1) On and from the appointed day, there shall be transferred to and vest in the authority constituted under section 3 of the undertakings of the International Airports Authority and the National Airports Authority.
(2) The undertakings of the International Airports Authority or the National Airports Authority which is transferred to and which vests in the Authority under sub-section (1) shall be deemed to include all assets, rights powers authorities and privileges and all property movable and immovable real or personal corporate or incorporeal, present or contingent, of whatever nature and where so ever situate including lands, building machinery equipment works workshops cash balances capital reserves reserve funds investments tenancies leases and book debts and all other rights and interests arising out of such properly as were immediately before the appointed day in the ownership possession or pour of the International Airports Authority or as the case may be, the National Airports Authority in relation to its undertaking whether within or outside India all books of account and documents relating thereto and shall also be deemed to include all borrowings, liabilities and obligations of whatever kind then subsisting of the International Airports Authority or as the case may be the National Airports Authority in relation to its undertaking.
