Lapsing of scheme

If the Town and Country Development Authority fails to commence the implementation of the town development scheme within a period of two years from the date of notification of the final scheme under section 50 or fails to complete its implementation within a period of five years, it shall lapse on the expiry of the said period of two years or five years, as the case may be: Provided that if any dispute between such authority and the aggrieved parties of such scheme, if any, is brought before any court or tribunal of competent jurisdiction for consideration, then the period during which such dispute remains pending before such court or tribunal shall not be included in the computation of the period regarding the lapsing of the scheme. Appointment of Chairman and members of Authority.