(1) An industry which was registered under the prevailing law at the time of commencement of this Act and could not commence its operation, commercial production or transaction because of the expiration of the time-limit for the commencement of the operation, commercial production or transaction of the industry or an industry which has expired the time-limit upon being unable to commence its operation, commercial production or transaction even within the previously extended time-limit may, for one time, make an application to the industry registration body for the extension of the time-limit within three months after the commencement of this Act.
(2) If, upon examining the application received under subsection (1), the industry registration body sees a reasonable reason for extending the time-limit, it may extend the time-limit by collecting the following delay fee and fulfilling the procedures under this Act:
(a) at the rate of five thousand rupees per year in the case of a micro-industries;
(b) at the rate of fifteen thousand rupees per year in the case of a cottageand small industry;
(c) at the rate of fifty thousand rupees per year in the case of a medium industry;
(d) at the rate of one hundred thousand rupees per year in the case of a large industry.
(3) Notice of a decision on the extension of the time-limit of any industry under subsection (2) shall be given to the concerned applicant within seven working days after the decision.