What happens to ongoing legal proceedings related to the business of an existing insurer when its undertaking is transferred on the appointed day? 

Section 6 Effect of transfer of undertakings: (3) If, on the appointed day, any suit,  appeal  or  other  proceeding  of  whatever  nature  in  relation  to  any  business  of  the undertaking which has been transferred under section 5 is pending by or against any such existing insurer as is referred to in that section, the same shall not abate, be discontinued or be in any way prejudicially affected by reason of the transfer of the undertaking or of anything contained in this Act, but the suit, appeal or other proceeding may be continued, prosecuted and enforced by or against the Indian insurance company in which the undertaking or the part to which the proceeding relates has vested.