Section 23(5) in The U.P. Electricity Reforms Act, 1999
(5)Where, -(a)a transfer scheme involves the transfer of any property or right in favour of any person or undertaking not wholly owned by the State Government, the scheme shall give effect to the transfer only for fair value to be paid by the transferee to the transferor;(b)a transaction of any description is made in pursuance of a transfer scheme, it shall be binding on all persons including third parties, even if such persons have not consented to it.
