Termination of concession agreement.

(1) Where a concession agreement is terminated by the Government agency or Board or the statutory body without the consent of the concessionaire or in the absence of any default by the concessionaire, the concessionaire shall be entitled to such amount of compensation for such termination as specified in the concession agreement. (2) A concession agreement may provide that if a default specified therein is committed by the concessionaire, the Government agency or the Board or the statutory body shall, after giving to the concessionaire a reasonable opportunity of being heard, have the right to terminate the concession agreement and,- (a) take over the transport facility without repaying the amount invested by the concessionaire along with the equity and shall assume the liability if any, of the concessionaire towards loans in respect of the transport facility; or (b) enter into a concession agreement with another party, whose name is recommended by the Board, on the same terms and conditions as are specified in the concession agreement so terminated.