Amendment status not verified — confirm the current text below against the official source.
Assessment of (1) Within sixty days from the date of appointment, the Competent assets and deposit Authority shall assess the deposit linbilities and the assets of the S liabilities: (nancial establishment and submit the statement thereof to the ll Designated Court. (2) The Competent Authority thereafter shall issue a notice either, individually or by means of effective media publication, inviting the claims by secured cr editors, if any, and also the depositors of the financial establishment, to submit their claims with proper proof to establish the same. (3) Every notice under sub-section (2) sent to or deemed to have been effected to claimants shall state that, if the statement of claim is not sent to the Competent Authority before the expiry of the period of one month from the date of notice, the claims shall not be treated as claim entitled to be paid nner the provisions of this Act. (4) Every Notice sent to a secured creditor shall require him to value the security before the expiry of the period of one month from the date of notice and such notice shall also state that if the statement of the claim together with the valuation of the security is not sent to the Competent ‘Authority, the Competent Authority shall value the security and his valuation shall be binding on such secured creditors. as (5) If the claimant fails to comply with the notice as per sub- 12 section (4), such security shall be valued by the’ Competent Authority in his best judgement.