Section 10(9) in The Special Economic Zones Act, 2005
(9)Where the Board suspends the letter of approval, under this section, in respect of any Developer, the following provisions shall apply, namely:—(a)the Board shall invite applications for transferring the letter of approval of the Developer, whose approval has been suspended and select the person or persons, in accordance with the procedure as may be prescribed, to whom the letter of approval of the Developer in the Special Economic Zone may be transferred;(b)upon selection of person or persons under sub‑clause (a), the Board may, by notice in writing, require the Developer to transfer his letter of approval in a Special Economic Zone to the person or persons so selected and thereupon the Developer shall transfer his interests, rights and liabilities in the Special Economic Zone to any of the persons (hereafter in this section referred to as the “transferee”) who has been selected by the Board on such terms and conditions and consideration as may be agreed upon between the Developer and the transferee;(c)all the rights, duties, obligations and liabilities of the Developer, on and from the date of suspension of letter of approval or on and from the date, if earlier, on which his letter of approval in the Special Economic Zone of the Developer has been transferred to the transferee, shall cease absolutely except for any liabilities which have accrued prior to that date;(d)the Board may make such interim arrangements in regard to the operation of the Special Economic Zone as may be considered appropriate;(e)the Administrator shall exercise such powers and discharge such functions as the Board may direct.
