Section 32(7) in The State Financial Corporations Act, 1951
(7)After making an investigation under sub-section (6), the District Judge may-(a)confirm the order of attachment and direct the sale of the attached property;(b)vary the order of attachment so as to release a portion of the property from attachment and direct the sale of the remainder of the attached property;(c)release the property from attachment;(d)confirm or dissolve the injunction; [*] [ The word " or" omitted by Act 43 of 1985, Section 20 (w.e.f. 21-8-1985).](da)[ direct the enforcement of the liability of the surety or reject the claim made in this behalf; or] [ Inserted by Act 43 of 1985, Section 20 (w.e.f. 21-8-1985).](e)transfer the management of the industrial concern to the Financial Corporation or reject the claim made in this behalf:Provided that when making an order under clause (c) [or making an order rejecting the claim to enforce the liability of the surety under clause (da) or making an order rejecting the claim to transfer the management of the industrial concern to the Financial Corporation under clause (e)] [ Substituted by Act 43 of 1985, Section 20, for Section 4 (w.e.f. 21-8-1985).], the District Judge may make such further orders as he thinks necessary to protect the interests of the Financial Corporation and may apportion the costs of the proceedings in such manner as he thinks fit:Provided further that unless the Financial Corporation intimates to the District Judge that it will not appeal against any order releasing any property from attachment [or rejecting the claim to enforce the liability of the surety or rejecting the claim to transfer the industrial concern to the Financial Corporation] [Substituted by Act 43 of 1985, Section 20, for Section 4 (w.e.f. 21-8-1985). ], such order shall not be given effect to, until the expiry of the period fixed under sub-section (9) within which an appeal may be preferred or, if an appeal is preferred, unless the High Court otherwise directs until the appeal is disposed of.
