5Owners of the two specified companies to be liable for certain prior liabilities

(1) Every liability of a specified company in respect of any period prior to the appointed day, shall be the liability of the specified company and shall be enforceable against it and not against the Central Government.

(2) For the removal of doubts, it is hereby declared that,--

(a) no liability of either of the two specified companies in relation to its undertakings in respect of any period prior to the appointed day, shall be enforceable against the Central Government;

(b) no award, decree or order of any court, tribunal or other authority in relation to the undertakings of either of the two specified companies passed on or after the appointed day, in respect of any matter, claim or dispute, which arose before that day, shall be enforceable against the Central Government;

(c) no liability incurred by a specified company before the appointed day, for the contravention of any provision of law for the time being in force, shall be enforceable against the Central Government.