Amendment status not verified — confirm the current text below against the official source.
(1) The Competent Authority shall, after making an assessment of the deposit liabilities, apply before the Designated Court, from time to time, seeking permission for making payment to the depositors from out of the money realised. (2) In case the money realised or realisable is not sufficient to meet the entire deposit liabilities, the Competent Authority shall apply to the Designated Court, seeking permission for part-payment to the depositors and the Designated Court shall, while passing an order or direction in this regard, take into consideration the estimate submitted by the secured creditors, if any, and the statement of the Competent Authority, under sub-section (4) and sub-section (5) of section 10, respectively. Designated Court.