Report by the Competent Authority

After making a report as per section 7, the Competent Authority shall make an application to the Designated 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 the other liabilities and in case the money realized or realizable is not sufficient to meet the entire liability, make a submission to the Designated Court seeking permission for making payment to the depositors and disburse the money as per the orders of the Designated Court. (1) The Designated Court may, on the application of the Competent Authority, appoint a Special Officer to manage the assets of the Financial Establishment. (2) The Special Officer appointed under sub-section (1) shall have the power to: (a) take possession of the assets; (b) distribute the proceeds among the depositors as per the directions of the Designated Court. 8. (1) For the purpose of this Act, the Government may, with the concurrence of the Chief Justice of the High Court, by notification, constitute one or more Special Courts for such area or areas or such case or group of cases, as may be specified in the notification. (2) Each Special Court shall be presided over by a Judge to be appointed by the Government with the concurrence of the Chief Justice of the High Court.