Attachment of property of malafide transferees.

(1) Where the assets available for attachment of a financial establishment or other person referred to in section 7 is insufficient for repayment to depositors and where the special court is satisfied by affidavit or otherwise that there is reasonable cause for believing that the said financial establishment has transferred before or after the commencement of the Act any property otherwise than in good faith not for consideration the special court may, by notice, require any transferee of such property whether or not he has received the property directly from the said financial establishment, to show cause why so much of the transferees property, as is equivalent to the proper value of the property transferred should not be attached. (2) Where the said transferee fails to appear or show cause on the specified date, or where after investigation in the manner provided in sub-section (5) to (9) of section (7), the special court is satisfied that the transfer of the property to the said transferee was not in good faith and not for consideration, the special court shall order the attachment of so much of the said property of the transferee, as is in the opinion of the special court, equivalent to the proper value of the property transferred.