Provisions where licence is revoked

20. (1) ~okithstandiog the provision6 of sections 6 and 7 oi the Indian Electricity Act, 1910, where the Commissicn revokes a licence, under sect ion 18 the following 9 1910. provisions shall apply,- (a) the Commission shall 6erke a notice of revocation upon the licencee end shall fix E date on which the revocation shall tske effect; (b) the Commission shall invite applications for acquiring the undcrtaking of the licensee whose licence has been revoked and determine the terms and conditions of- the sale of the undertaking; (c) 'the Commission may by notice in writing require the licensee to sell, and -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 licencee shall sell the undertaking to the person whose application has been acccpled by the Commission hereinafter referred to , in this Section as the "purchaser"; (6) on and with, effect from the date of revocation, or, where the undertaking of the licenree je sold to a Purchaser earlier in pursuance of any of the - provisions of this Act, on arid with effect from the date, a11 the rights, duties, obligations and liabilities of the licensee under this Act shall absoluldy cease and determine except for any liabilities that have accrued prior to that date; and (e) the C~mmission may makc such interim arrangement in regard to the undertaking of the licensee for maintaining the electricity transmission snd supply as may be cons~dered appropriate including the appointment of administrators and spccial directors for the undertaking. (2) Wherc an undertaking is sold under sub-section (I), the purchaser shaU pay to licensee the purchase price of the undertaking determined in accordance with the application submitted by the purchascr. (3) Where the Commission issues any notice under sub-seetion (1) requiring the licensee to sell the undertaking, it map by such notice require the licensee to deliver, and thereupon the licensee shall deliver op a date spccified in the notice, the undertaki-ng to the designated purchaser pendla the payment of the purchase price of the undertaking: . . Provided that in any sucb case, the purchaser shall pay to the licensee interest at' such rate not less than the Reservc Bank lending ratc ruling at the time of delivery of the undertaki* as the Commission may decide, on the purchase price OF th8. u~dertaking for the period from the date of delivcry of the undertaking to the date of paymcnt of the purchaso price. (4) Whore before the date fixed in the notice issued under clause (a) of sub-section (1) as the date on which the revocation or the licence shall take cflect, ' no notice has been issued to the licensce requiring him to sell the undertaking or where for any rearon no sale of the undertaking has been effected under that sub-section, tho State Government may acquire the undertaking on the date of revocailon of the licence and shall perform all the obligations of the licensee until such time as tbe State Government is able to sell the undertaking to a new licensee, and thefeaiter, shall pay to the licensee the anount determined in accordance w~th - sub-sect-ons (1) and (2) of of 1910 . section 7-A of the Indian Eleclricily Act, 1910. , (5) The licensee shad duly implement the orders of rhe Commission, notwith- standing that the licensee may be aggrieved by the orders of the Commission.