Section 121(d) in The U.P. Electricity Regulatory Commission (Conduct of Business) Regulations, 2004
(d)In a case where the Commission revokes the licence, the utility of the distribution licensee shall be sold within a period of one year from the date of revocation of the licence in accordance with the provisions of Section 20 of the Electricity Act, 2003 and the price after deducting the administrative and other expenses on sale of utilities be remitted to the distribution licensee.
