Section 15 in West Bengal Protection of Interest of Depositors in Financial Establishments Act, 2013
15. Powers of Designated Court regarding realization of assets and payment to depositors.
(1)The Designated Court shall have all the powers for giving effect to the provisions of this Act.(2)Without prejudice to the generality of the power vested under sub-section (1), the Designated Court may-(a)give any direction to the Competent Authority as it deems fit, for effective implementation of the provisions of this Act;(b)approve the statement of dues of the financial establishment due from various debtors;(c)assess the value of the assets of the financial establishment and finalise the list of the depositors and their respective dues;(d)direct the Competent Authority to take possession of any assets belonging to or in the control of the financial establishment and to sell, transfer or realise the attached assets, either by public auction or by private sale as it deems fit depending upon the nature of assets and credit the sale proceeds thereof to its bank accounts;(e)approve the necessary expenditure to be incurred by the Competent Authority for taking possession and realisation of the assets of the financial establishment:(f)pass an 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 realised is not sufficient to meet the entire deposit liability; and(g)pass any order which the Designated Court deems fit for realisation of the assets of the financial establishment and for repayment to the depositors of such 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 whose property or assets have been attached under this Act.
