Section 24(1) in The Gujarat Electricity Industry (Reorganisation and Regulation) Act, 2003
(1)Where the Commission revokes a licence, under Section (2) of Section 23, the following provisions shall apply, namely.-(a)The Commission shall serve a notice of revocation upon the licensee and shall fix a date on which the revocation shall take effect and on and with effect from that date or on and with effect from an earlier date, on which the undertaking of the licensee is sold to a purchaser in pursuance of clause (c) or is delivered to a designated purchaser in pursuance of subsection (3), all the rights, duties, obligations and liabilities of the licensee under this Act shall cease and determine.(b)The Commission shall invite applications for purchase of the undertaking of the licensee whose licence is revoked and determine the price and other terms and conditions of the sale of the undertaking in consultation with the licensee and the person whose application has been accepted.(c)The Commission may by notice in writing require the licensee to sell, and thereupon the licensee shall sell the undertaking to the person whose application has been accepted by the Commission (hereinafter in this section referred to as "the purchaser").
