law: Electricity Act, 2003 
  21. Vesting of
  
  utility in purchaser.- 
  Where a utility is
  
  sold under section 20 or section 24, then, upon completion of the sale or on
  
  the date on which the utility is delivered to the intending purchaser, as the
  
  case may be, whichever is earlier--
  a.     
  
    the
  
  utility shall vest in the purchaser or the intending purchaser, as the case may
  
  be, free from any debt, mortgage or similar obligation of the licensee or
  
  attaching to the utility:
  Provided that any
  
  such debt, mortgage or similar obligation shall attach to the purchase money in
  
  substitution for the utility; and
  b.    
  
    the
  
  rights, powers, authorities, duties and obligations of the licensee under his
  
  licence shall stand transferred to the purchaser and such purchaser shall be
  
  deemed to be the licensee.