Section 224C(2) in The U.P. Municipalities Act, 1916
(2)Where any property belonging to the licensee vests in the [Municipality] [Substituted by U.P. Act No. 12 of 1994.] under sub-section (1), not being water-works of which only the management was transferred to him by the [Municipality] [Substituted by U.P. Act No. 12 of 1994.] under clause (d) of Section 224 the [Municipality] [Substituted by U.P. Act No. 12 of 1994.] shall pay to such licensee an amount determined as hereinafter provided in this section :Provided that the licensee shall, in addition to the said amount, be paid interest thereon on the Reserve Bank rate ruling on the said date plus one per centum for the period from the said date to the date of payment of the said amount.
