Provisions where licence is revoked.

(1) Notwithstanding the provisions of sections 6 and 7 of the Indian Electricity Act, 1910, where the Commission revokes a licence, under sub-section (2) of section 18 the following provisions shall apply:— (a) the Commission shall serve a notice of revocation upon the licensee and shall fix a date on which the revocation shall take effect. On and with effect from that date, or on and with effect from the date, if earlier, on which the undertaking of the licensee is sold to a purchaser in pursuance of any of the provisions of this Act all the rights, duties, obligations and liabilities of the licensee under this Act shall absolutely cease and determine except for any liabilities that have accrued to that date; (b) the Commission shall invite applications for acquiring the undertaking of the licensee whose licence has been revoked and determine terms and conditions of the sale of the undertaking; (c) the Commission may, by notice in writing, require the licensee to sell, and thereupon the licensee shall sell the undertaking to the person whose application has been accepted by the Commission. Such person is referred to in this section as the “purchaser”; and (d) the Commission may make such interim arrangement in regard to the undertaking of the licensee for maintaining the electricity transmission and supply as may be considered appropriate including the appointment of administrators and special directors for the undertaking. (2) Where an undertaking is sold under sub-section (1), the purchaser shall pay to the licensee the purchase price of the undertaking determined in accordance with the application submitted by the purchaser.