Section 21 in The Jammu and Kashmir Electricity Act, 2010
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 obligations of the licensee or attaching to the utility :Provided that any such debt, mortgage or similar obligations 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.
