Section 6 in Arunachal Pradesh Protection of Interests of Depositors (In Financial Establishments) Act, 2017
6. Competent Authority.
(1)The Government may, by notification, appoint an authority hereinafter called "the Competent Authority" to exercise control over the properties attached by the Government under Section 3.(2)The competent authority shall have such other powers as may be necessary for carrying out the purpose of this Act.(3)Upon receipt of the order of the Government under section 3, the competent authority shall apply within 15 days to the Designated Court constituted under this Act for making the ad-interim order of attachment absolute and for a direction to sell the property so attached by public auction and realize the sale proceeds. For the purpose of crediting and dealing with the money realized by Competent Authority he shall open an account in any Scheduled Bank.(4)An application under sub-section (3) shall be accompanied by one or more affidavits, stating the grounds on which the belief that the Financial Establishment has committed any default or is likely to defraud, is established, the amount of money or value of other property believed to have been procured by means of the deposit, and the details if any of persons in whose name such property is believed have been invested or purchased to out of the deposits or any other property attached under section 3.Chapter -III Punishment for default in repayment of deposit and interest
