Amendment status not verified — confirm the current text below against the official source.
i s revoked. pro~isions 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effect; (b) the Commission shall invite applications for acquiring the undcrtaking of the licensee whose licence has been revoked and determine the terms and conditions of- the sale of the undertaking; (c) 'the Commission may by notice in writing require the licensee to sell, and -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 thc 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-secti-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. Restridom 21.(1)Nolicenseeor Generating Companyshalt,at anytime,withoutthe on llansees consent in writing of the Commissjon, aquire by purchase or otherwise the and licence or thc undertaking of, or assoc~ate himself with, so far as the business of rrnmS~, geoerating,trsnsmiiting, dislributiqn or supply of cne~gy is concerned, any other licensee or person generating, transmittins, suppIying or intend-ing to. generate, transmit or supply electrjcity: Provided that before 'applying for such consent, the licensee shall give nc t less than one month notice of the application,- (0) to thc Commission; and . (b) if the licensee holds a supply licence, lo .every locaI authority both in thc licensee's area or supply and also in tho area, if any; in which such other person supplies, or it tends to supply energy. (2) The Iicenseo shalI not, at any time, assign - bis liccnce or transref his under- taking, or any part thcrcof, by sale, mortgage, lease exchange or otherwise without the previous consent in H riting of the Commission. . (3) Any person to whom tbe provisions of section 44 of the Electricity (Supply) 54 1948 Act, 194% applies shall be required to obtain consent from the Commissim instead or from tbc Board as provided under that scction. (4) A holder of a supply or transmission liccnce may, unless expressly 2rohibited by the terms of its licence, enter into arrangements for the purchase of electricity Trom- (a) the holder of a SUPPIS. licence which permit6 the holder of such licence to supply energy to other licensees for d~stribution .by them; and (b) any person or Generating Campany with the consent of the Commission. ( 5 ) Any agreement relaling to any transaction df the nature described in sub- sections (l), (2). (3) or (4) unless made with, or subject to such consent as aforesaid,. shall be void. Auuel