Section 1 of IFCTURA : Section 1: Short Title And Commencement

Explanation using Example

Imagine a company, XYZ Manufacturing Ltd., had a long-standing loan agreement with the Industrial Finance Corporation of India (IFCI). On October 1st, 1992, the Industrial Finance Corporation (Transfer of Undertaking and Repeal) Act, 1993, is deemed to have come into effect. This means that from this date, any dealings XYZ Manufacturing Ltd. had with IFCI would be subject to the provisions of this new Act, even though it was formally named and enacted in 1993. For instance, if there were to be a transfer of assets or liabilities from IFCI due to this Act, XYZ Manufacturing Ltd. would need to adhere to the new regulations from the deemed date of the Act's commencement.