Section 4(3) in The Bharat Hydro Power Corporation Limited (Acquisition and Transfer of Undertaking) Act, 1996
(3)The rights and liabilities granted to the company under the relevant Electricity Act shall be deemed to have been terminated on the appointed day and all rights, liabilities and obligations, which were granted in favour of the company under any agreement to supply electricity shall be deemed to have devolved on the State Government:Provided that when any such agreement is not in conformity with the rates and terms and conditions of supply approved by the State Government and in force on the appointed day, the agreement shall be voidable at the option of the State Government.
