Amendment status not verified — confirm the current text below against the official source.
Report by the Afier making a report as per section 7, the Competent Authority Competent shall make an application to the Designated Court seeking Authority. permission to make payment to the depositors from out of the ” oniey realized’. ‘While making such application, the Competent Authority shall assess the liability to the depositors and the other liabilities and in case the money realized or realizable is not i sufficient to meet the entire liability, make a submission to the Designated Court seeking permission for making payment to the depositors and disburse the money as per the orders’ of the Designated Court. i Pp . i yg, Powers of the (1) The Designated Court shall have all the powers for giving Designated Court i effect to the provisions of this Act. regarding : realization of (2) Without prejudice to the generality of sub-section (1) the assets and Designated Court may- 3 payment to (a) give any direction to the Competent Authority as it depositors. deems fit, for offective implementation of the provisions: of this Act; . (b) approve the statement of dues of the financial establishment due from various debtors, assessment of the value of the assets of the financial establishment, finalize the list of the depositors and their respective dues; (c) direct the Competent Authority to take possession of any assets belonging to or in the control of the financial i % : establishment and sell, transfer OF realize the attached assets either by public auction or by privale sale as he deems fit depending upon the nature of assets and credit i the sale proceeds thereof to the bank accounts; (a) approve the necessary expenditure to be incurred by the Competent Authority for taking possession and realization of the assets of the financial establishment. (c) order for payment to the depositors by the Competent Authority or order for proportionate payment to- the depositors in the event of the-money so realized is not sufficient to meet the entire deposit liability; and (f) pass any order which the Designated Court deems fit for realization of the assels of the financial establishment and repayment to the depositors of the financial establishment or on any matter or issue incidental thereto. Explanation:- For the purpose of this section, the expression ‘financial establishment’ includes | the directors, promoters, managers or members of said establishment or any other person \ | | i whose property or assets have been attached under section 4. ae