Section 8 in Karnataka Protection of Interest of Depositors in Financial Establishments Act, 2004
8. Report by the Competent Authority.
- After making a report under section 7, the Competent Authority shall make an application to the Special Court seeking permission to make payment to the depositors from out of the money realized. While making such application, the Competent Authority shall assess the liability to the depositors and other liabilities and in case the money realized or realizable is not sufficient to meet the entire liability, seek permission of the Special Court for making payment to the depositors and disburse the money as per the orders of the Special Court.Chapter-III
