Corporate amalgamation transfers accrued statutory incentive entitlements successor interest without policy forfeiture

Upon a court-sanctioned scheme of corporate amalgamation, all assets, rights, statutory benefits, and accrued entitlement to state industrial investment subsidies vested in the transferor entity automatically transfer to and vest in the successor transferee company as a matter of law. Non-disclosure or delayed administrative recording of the amalgamation does not extinguish or forfeit the accrued subsidy entitlements of a validly established new industrial unit, nor does it empower state disbursing agencies to deny disbursement to the surviving corporate entity managing ongoing production continuity. (IFGL Refractories Ltd. v. Orissa State Financial Corporation & Ors. | 2026 INSC 18)