law: Electricity Act, 2003
  20. Sale of utilities
  
  of licensees.-
  
  1.     
  
    Where
  
  the Appropriate Commission revokes under section 19 the licence of any
  
  licensee, the following provisions shall apply, namely:--
  a.      the Appropriate
  
  Commission shall invite applications for acquiring the utility of the licensee
  
  whose licence has been revoked and determine which of such applications should
  
  be accepted, primarily on the basis of the highest and best price offered for
  
  the utility;
  b.     the Appropriate
  
  Commission may, by notice in writing, require the licensee to sell his utility
  
  and thereupon the licensee shall sell his utility to the person (hereafter in
  
  this section referred to as the "purchaser") whose application has
  
  been accepted by that Commission;
  c.      all the rights,
  
  duties, obligations and liabilities of the licensee, on and from the date of
  
  revocation of licence or on and from the date, if earlier, on which the utility
  
  of the licensee is sold to a purchaser, shall absolutely cease except for any
  
  liabilities which have accrued prior to that date;
  d.     the Appropriate
  
  Commission may make such interim arrangements in regard to the operation of the
  
  utility as may be considered appropriate including the appointment of
  
  Administrators;
  e.      the Administrator
  
  appointed under clause (d) shall exercise such powers and discharge such
  
  functions as the Appropriate Commission may direct.
  1.     
  
  
  2.     
  
    Where
  
  a utility is sold under sub-section (1), the purchaser shall pay to the
  
  licensee the purchase price of the utility in such manner as may be agreed
  
  upon.
  3.     
  
    Where
  
  the Appropriate Commission issues any notice under sub-section (1) requiring
  
  the licensee to sell the utility, it may, by such notice, require the licensee
  
  to deliver the utility, and thereupon the licensee shall deliver on a date
  
  specified in the notice, the utility to the designated purchaser on payment of
  
  the purchase price thereof.
  4.     
  
    Where
  
  the licensee has delivered the utility referred to in sub-section (3) to the
  
  purchaser but its sale has not been completed by the date fixed in the notice
  
  issued under that sub-section, the Appropriate Commission may, if it deems fit,
  
  permit the intending purchaser to operate and maintain the utility system
  
  pending the completion of the sale.