Section 20(1)(e) in The U.P. Electricity Reforms Act, 1999
(e)on and with effect from the date of revocation, or, where the undertaking of the licensee is sold to a purchaser earlier in pursuance of any of the provisions of this Act, on and with effect from the date of such sale, all rights, duties, obligations and liabilities of the licensee under this Act, shall cease except from any liabilities that have accrued to that date.