Amendment status not verified — confirm the current text below against the official source.
(!) Where ;oncession .greemcnt 1s terminated by the State Government., the Tttruioation Government ag. ;icy or, as the cas.: may be, the specified Go«emmeilt agency with the of ooaeesoioo consent of the developer or iil abS<c:ice of any defiwlt of the devciopet, the devel~r shall agreemeoL be entitled to such amount of compensation for such termination as speci,6.ed in the conces$iOo agreement. (2) A concession agreement may provide that if a derault specif.~ therein is coounitted by the developer, the State Government, the G "ernment agency or, as the case may be, the specified Government agency shall, after gi'ing to t.'te developer an opportwiity of lx.>ir.g heard in such manner as may be prcscnbc<l, be entrtled to termitiate the con~sion agroement and- (a) take over the project without repaying the amount invested by the developer in the eqwt} and shall assume the liability of the developer towards Joans taken by him in respect of the project, or (b) enter into a concession agreement with a,~other person whose narnc is recommended by the lenders oftbedevebpe< aildapproved by the State Government. the Government agency or, as the case·may be, the specified Government agency, on tile same terms and condruons as are specified m the concesSJon agreement so terminated