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.