Section 119(f) in The U.P. Electricity Regulatory Commission (Conduct of Business) Regulations, 2004
(f)Where the Commission has given notice for revocation of licence under subsection (c), without prejudice to any penalty which may be imposed or prosecution proceeding which may be initiated under this applicable legal framework, the licensee may, after prior approval of that Commission, sell his utility to any person who is found eligible by that Commission for grant of licence.
