243. (1) The Presidency Towns Insolvency Act, 1909 and the Provincial
Insolvency Act, 1920 are hereby repealed.
(2) Notwithstanding the repeal under sub-sections (1),-
(i) all proceedings pending under and relating to the Presidency Towns
Insolvency Act 1909, and the Provincial Insolvency Act 1920 immediately
before the commencement of this Code shall continue to be governed under the
aforementioned Acts and be heard and disposed of by the concerned courts or
tribunals, as if the aforementioned
Acts have not been repealed;
(ii) any order, rule, notification, regulation, appointment, conveyance,
mortgage, deed, document or agreement made, fee directed, resolution passed,
direction given, proceeding taken, instrument executed or issued, or thing
done under or in pursuance of any repealed enactment shall, if in force at
the commencement of this Code, continue to be in force, and shall have
effect as if the aforementioned Acts have not been repealed;
(iii) anything done or any action taken or purported to have been done or
taken, including any rule, notification, inspection, order or notice made or
issued or any appointment or declaration made or any operation undertaken or
any direction given or any proceeding taken or any penalty, punishment,
forfeiture or fine imposed under the repealed enactments shall be deemed
valid;
(iv) any principle or rule of law, or established jurisdiction, form or
course of pleading, practice or procedure or existing usage, custom,
privilege, restriction or exemption shall not be affected, notwithstanding
that the same respectively may have been in any manner affirmed or
recognised or derived by, in, or from, the repealed enactments;
(v) any prosecution instituted under the repealed enactments and pending
immediately before the commencement of this Code before any court or
tribunal shall, subject to the provisions of this Code, continue to be heard
and disposed of by the concerned court or tribunal;
(vi) any person appointed to any office under or by virtue of any repealed
enactment shall continue to hold such office until such time as may be
prescribed; and
(vii) any jurisdiction, custom, liability, right, title, privilege,
restriction, exemption, usage, practice, procedure or other matter or thing
not in existence or in force shall not be revised or restored.
(3) The mention of particular matters in sub-section (2) shall not be held
to prejudice the general application of section 6 of the General Clauses
Act, 1897 with regard to the effect of repeal of the repealed enactments or
provisions of the enactments mentioned in the Schedule.