(1)If, at any time, after the opening of a ropeway, the State Government is of the opinion that an existing ropeway is required or needed by the Government in the national security interest or in the interest of the public, the State Government may, after considering any statement which the promoter may desire to make, and after such enquiry as it deems necessary, declare, subject to such terms and conditions as the State Government may prescribe in this regard, that the powers of the promoter in respect of such ropeway, shall, at the expiration of six months from the date of such declaration, be at an end and thereupon all the rights, powers and authorities of the promoter in respect of the said ropeway shall vest absolutely in the State Government, free from all debts, encumbrances or similar obligations.(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
