Section 4. Certain consequences of vesting

Notwithstanding anything contained in any other law for the time being in force, and save as otherwise provided in this Act, on and from the appointed day- (i) every appointment of Receiver over any scheduled undertaking by any Court shall cease; (ii) every lease or other arrangement where under any scheduled undertaking or the management thereof has been transferred to any person shall cease to have effect; (iii) every attachment, injunction or any other order of a court restricting or restraining the use of any scheduled undertaking or prescribing a scheme of management in respect thereof howsoever described, shall cease to have effect.