Section 23(2)(c) in The Gujarat Electricity Industry (Reorganisation and Regulation) Act, 2003
(c)where the licensee fails within the period specified in the licence or any longer period that the Commission may, by order, allow-(i)to show, to the satisfaction of the Commission, that he is in a position to discharge the duties and obligations imposed on him by the licence; and(ii)to make deposit or furnish the security required by the licence;