In event of violation by the licensee of any of the terms of a license, or for the purpose of remedying by injunction, mandamus or other process any act of commission or omission by the licensee in violation of any of the provisions of this chapter, or of any lawful regulation or order promulgated in pursuance thereof, the Attorney General of this Commonwealth shall, upon request of the Commission, institute proceedings in the Circuit Court of the City of Richmond in the name of the Commonwealth at the relation of the Commission for the purpose of compelling the licensee to comply with the provisions of the license or of this chapter, or for the purpose of revoking the right of the licensee to proceed further under the license, or similarly as to a specified portion or portions of the development which is under license. The court shall have jurisdiction over all of the above-mentioned proceedings and shall be empowered to issue and execute all necessary process and to make and enforce all writs, orders and decrees to compel compliance with the lawful orders and regulations of the Commission and to compel the performance of any condition imposed under the provisions of this chapter. If a decree is entered by the court revoking the right of the licensee to proceed further with the development under license, or similarly with respect to a specified portion or portions of the development under license, the court is empowered to sell at public sale to the highest responsible bidder the property and rights of the licensee used or useful in connection with such development or such specified portion thereof, to distribute the proceeds to the parties entitled thereto and to make and enforce such further or other orders and decrees as equity and justice may require. At such sale or sales the vendee shall succeed to the rights and privileges of the licensee with respect to such development or such specified portion thereof and shall perform all the duties of the licensee under the license and assume all such outstanding obligations and liabilities of the licensee as the court may deem equitable in the premises.