Section 11 in The Gujarat Protection of Interest of Depositors (in Financial Establishments) Act, 2003
11. Power 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 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 which is due from various debtors, the assessment of the value of the assets of the Financial Establishment and finalise the list of the depositors and their respective dues;(c)direct the Competent Authority to take possession of any property or assets belonging to or in the control of the Financial Establishment and to sell, transfer or realise the attached property or assets either by public auction or by private sale as it deems fit depending upon the nature of property or assets and credit the sale proceeds thereof to the bank accounts;(d)approve the necessary expenditure incurred by the Competent Authority for taking possession and realisation of the properties and assets of the Financial Establishment;(e)pass an order to make payment to the depositors by the Competent Authority or for proportionate payment to the depositors in the case where the moneys so realised is not sufficient to meet with the entire deposit liability; and(f)pass any order appropriate for realisation of the property or assets of the Financial Establishment and repayment to the depositors of such Financial Establishment or on any matter incidental thereto.Explanation - For the purpose of this section, the expression "Financial Establishment" includes the promoter, director, partner, manager or member of the said Establishment or any other person whose properties or assets have been attached under section 4.
