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Section 21: Vesting of utility in purchaser.

The Electricity Act, 2003Central Act · Act 36 of 2003

Where a utility is sold under section 20 or section 24, then, upon completion of the sale or on the date on which the utility is delivered to the intending purchaser, as the case may be, whichever is earlier--

(a) the utility shall vest in the purchaser or the intending purchaser, as the case may be, free from any debt, mortgage or similar obligation of the licensee or attaching to the utility:

Provided that any such debt, mortgage or similar obligation shall attach to the purchase money in substitution for the utility; and

(b) the rights, powers, authorities, duties and obligations of the licensee under his licence shall stand transferred to the purchaser and such purchaser shall be deemed to be the licensee.

Where this provision sits

ActThe Electricity Act, 2003
Section21
Marginal noteVesting of utility in purchaser.
JurisdictionCentral
StatusIn force as published by the source

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