Section 6(2) in The Jammu and Kashmir Electricity Act, 1997 (1940 A.D.)
(2)Where a purchase has been effected under sub-section (1),-(a)the undertaking shall vest in the purchasers free from any debts, mortgages or similar obligations of the licensee or attaching to the undertaking:Provided that any such debts, mortgages or similar obligations shall attach to the purchase money in substitution for the undertaking ; and(b)the licence shall, after purchase, cease to have any further operation.
