Section 24(4) in Karnataka Electricity Reform Act, 1999
(4)Where before the date fixed in the notice issued under sub-section (1)(a) as the date on which the revocation of the license shall take effect, no notice has been issued to the licensee requiring him to sell the undertaking or where for any reason no sale of the undertaking has been effected under that sub-section, the State Government shall acquire the undertaking on the date of revocation of the license and shall pay to the licensee the book value of the undertaking as on the date of acquisition and shall perform all the obligations of the licensee until such time as the State Government is able to sell the undertaking to a new licensee, which it shall endeavour to do when reasonably practicable. The State Government shall make payment of the book value of the undertaking on the date of acquisition after State Government is able to sell the undertaking to a new licensee:Provided that such payment in any case be made within a period of one year from the date of such acquisition by the State Government.
