(9)In case the applicant fails to complete the job within stipulated period of two years, the "Letter of Intent" granted shall be liable to cancellation without compensation for any damage or loss to the holder thereof :Provided that, where after receiving the recommendation of the Excise Commissioner, the State Government is satisfied that failure on the part of the applicant to complete the works as per approved plans within the specified period is attributable to circumstance beyond control of the holder of the letter of intent or there are other valid reasons, it may grant extension of the period of the letter of intent upto a period not exceeding one more year.
