Substitution of Section 54

"29. Substitution of Section 54.- For Section 54 of the Principal Act, the following shall be substituted and shall be deemed to have been substituted with effect from 1st day of November, 2000, namely:-

"54. Completion of scheme.- If the Town and Country Development Authority fails to complete its implementation within a period of five years from the date of notification of the final scheme under Section 50, it shall on expiration of the said period of five years, record its reasons for the same and forward it to the State Government and the State Government may take such actions against the Town And Country Development Authority as it deems fit:

Provided that, if a dispute between the authority and parties, if any aggrieved by such scheme, is brought before a Court or Tribunal of competent jurisdiction, for consideration, the period for which such dispute is pending before such Court or Tribunal shall not be reckoned for determination of the completion of the Scheme.""