3. Notwithstanding anything contained in any other law, rule or regulation for the time being in force, or in any contract, agreement, or document, on the commencement of this Order,-
(a) the Corporation shall stand dissolved;
(b) all assets of whatsoever nature of the Corporation shall vest in the Government;
(c) the Government shall consider any representations which may be made to it by or on behalf of any person claiming that the Corporation or any predecessor-in-title of the Corporation had incurred any debt, liability or obligation to that person and shall have power to make ex-gratia payment of compensation to that person in respect of such claim if and to the extent that the same shall to it appear to be just.
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Ministry of Law, Justice and Parliamentary Affairs