C. Any person aggrieved by a decision of the board refusing to grant or renew, or suspending or revoking, a license after a hearing, may appeal to the superior court sitting in equity for the county wherein he resides or has his principal place of business, or to said court sitting in equity for the county of Suffolk; provided, that such appeal shall be filed in such court within twenty days following receipt of notification by the board of such decision. The court shall hear all pertinent evidence and determine the facts, and upon the facts as so determined, annul such decision if found to exceed the authority of the board, or make such decree or decision as justice and equity may require. The foregoing remedy shall be exclusive, but the parties shall have all rights of appeal and exception as in other equity cases. Costs shall not be allowed against the board unless it shall appear to the court that the board acted with gross negligence or in bad faith or with malice in making the decision appealed from. Costs shall not be allowed against the party appealing from the decision of the board unless it shall appear to the court that said party acted in bad faith or with malice in making the appeal to the court.
Such appeal from a decision of the board refusing renewal of or suspending or revoking a license shall not operate as a stay of such refusal, suspension or revocation pending the final determination of such appeal.