(1) On and from the date of commencement of this Code, where any Tribunal or authority or court is seized of any proceeding relating to the insolvency, restructuring or liquidation of a corporate debtor or personal debtor, it shall continue with such proceeding in accordance with the law for the time being in force.

(2) No action taken under any law before the date of commencement of this Code shall be deemed to be illegal or invalid merely because such action was taken before the commencement of this Code.