(2)As soon as may be, after a notification under sub-section (1), has been made, the State Government shall by a notice in writing, require the promoter to transfer and handover the undertaking including all land, building, equipments and assets, clearances and permits and documents pertaining thereto, forming part of the ropeway subject matter of the notification under sub-section (1), to the State Government;Provided that the notice set forth in sub-section (2) shall set forth the modalities for the handover of the ropeway and the amount of compensation payable to the promoter in lieu of the takeover of the ropeway by the State Government, which shall be an amount equivalent to the cost of procurement of all land, if owned by the promoter, and the depreciated value of the buildings, plant and machinery of the promoter, suitable to, and used by him for the purposes of the undertaking and taken over by the Government and which compensation shall in all events be paid to the promoter by the State Government prior to the expiration of the period set forth in sub-section (1) of this Section 27:Chapter - X Inability Or Insolvency of Promoter
