The Road Transport Corporations Act, 1950
40. Compensation for aquisition of road transport undertakings.
Whenever a Corporation acquires under this Act the whole or any part of any
undertaking, there shall be paid by the Corporation compensation the amount of
which shall be determined in the manner and in accordance with the procedure
hereinafter set out, that is to say,-
-
where the amount of
compensation can be fixed by agreement, it shall be paid in accordance with
such agreement;
-
where no such agreement can be reached, the amount shall be determined by
an arbitral tribunal consisting of one nominee of the Corporation, one nominee
of the person to be compensated, and a Chairman to be nominated by the Chief
Justice of the High Court exercising jurisdiction in relation to the State
concerned;
- an appeal shall lie to the
High Court against the decision of the tribunal and the order of the High
Court. on such appeal shall be final.
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