Section 14 in West Bengal Protection of Interest of Depositors in Financial Establishments Act, 2013
14. Powers of Designated Court regarding attachment.
(1)Upon receipt of an application under sub-section (4) of section 5, the Designated Court shall issue to the financial establishment or to the person, whose property has been attached and vested in the Competent Authority under section 5, a notice accompanied by a copy of the application and affidavit together with an extract of evidence recorded, if any, calling upon such financial establishment and person to show cause as to why the order of attachment should not be made absolute and the property so attached be sold in public auction and such notice shall also be published in two daily newspapers having wide circulation, one in English language and another in vernacular language.(2)The Designated Court, while issuing a notice under sub-section (1), shall also issue notice to all other persons having or being likely to claim any interest or title in the property of the financial establishment, or the property of the person, to whom the notice is issued under sub-section (1), directing them to appear before it and to raise abjection, if any, in respect of the attachment of the property or any portion thereof.(3)Any person claiming an interest in the property attached or any portion thereof, may, notwithstanding that no notice has been served upon him, under this sub-section, raise an objection as aforesaid before the Designated Court at any time before an order is passed under sub-section (5) or sub-section (6), as the case may be.(4)Any person raising an objection under this section shall be required to show prima facie that he has some interest in the property attached on the date of the attachment.(5)If no cause is shown or no objection is raised by the financial establishment, or by the person whose property has been attached and vested in the Competent Authority or by other persons to whom the notice has been issued under sub-section (2), on or before the date specified in the notice, the Designated Court shall, after considering the objection, if any, raised under sub-section (3), pass an order making the ad interim order of attachment absolute and issue such direction as may be necessary for realisation of the assets attached and direct the Competent Authority to sell the property so attached by public auction and realize the sale proceeds and for the equitable distribution of the money so realised among the depositors.(6)If cause is shown or any objection is raised as aforesaid, the Designated Court shall proceed to investigate the matter.(7)After investigation under sub-section (6), the Designated Court shall pass an order within a period of 180 days from the date of receipt of an application under sub-section (4) of section 5 either by making the ad interim order of attachment passed under sub-section (5) absolute or by varying it by releasing a portion of the property from attachment or cancelling the ad interim order of attachment and direct the Competent Authority to sell the property so attached by public auction and realize the sale proceeds:Provided that the Designated Court shall not release from attachment any interest in property, which it is satisfied that the financial establishment or the person referred to in sub-section (1) has in the property unless it is also satisfied that there will remain under attachment an amount or property of value not less than the value that is required for repayment to the depositors of such financial establishment.(8)Subject to the provisions of this Act, the Designated Court shall follow the summary procedure as contemplated under the Code of Civil Procedure, 1908 (5 of 1908) and exercise all the powers of a court in hearing a suit under the said Code.(9)Where an application is made by any person duly authorised or constituted or specified by any other State Government under similar enactment empowering him to exercise control over any money or the property or the property or assets attached by that Government, the Designated Court shall exercise all its powers as if application is made under this Act and pass appropriate orders or direction on such application, so as to give effect to the provision of such enactment.
