। ॥
In plain words
While the adjunct is in place — the sheaths on one side, the power of māyā on the other — two statuses arise for the Self: being a jīva, being Īśvara. Take the adjunct away and neither of them is there, and your own nature shines, with nothing left in it to tell apart.
Close to the Sanskrit
When the limiting adjunct of sheath and of power is present, there come into being for that [Self] jīva-hood and Īśvara-hood. If not, then from the absence of those two, one's own nature shines forth with all distinction gone.