Section 78: Vesting of undertaking in the purchaser.

Where the undertaking is sold under section 77 of this Act then, on completion of the sale or on the date on which the undertaking is delivered to the intending purchaser, as the case may be, whichever is earlier -(a) the undertaking shall vest in the purchaser or the intending purchaser, as the case may be, free from any debt, mortgage or similar obligation of the licensee or attaching to the undertaking;
Provided that, any such debt, mortgage or similar obligation shall attach to the purchase money in substitution for the undertaking; and
(b) the rights, powers, authorities, duties and obligations of the licensee under its license shall stand transferred to the purchaser and such purchaser shall be deemed to be the licensee.