Attachment of property on default of return of deposit

(1) Notwithstanding anything contained in any other law for the time being in force: (i) On complaint from depositors or otherwise, if the Government is satisfied that a Financial Establishment has failed to: (a) return deposit after maturity; or (b) provide interest or other promised benefit; or (c) provide promised service against such deposit. (ii) Where the Government has reason to believe that a Financial Establishment is acting in a calculated manner detrimental to the interest of depositors, and if the Government is satisfied that such Financial Establishment is not likely to return the deposit or pay interest or benefit or provide services for which the deposit was received, then to protect the interest of depositors, after recording reasons, by notification in the Gazette, the Government may order the attachment of money or other property which the Government has reason to believe was acquired by the Financial Establishment, either in its own name or in the name of any other person, from deposits collected. If it appears that the money or property is not available for attachment or is insufficient for repayment, the Government may attach such other property of the Financial Establishment or the promoter, director, partner or manager or members of said Financial Establishment as the Government deems appropriate, by issuing an order published in the Gazette. (2) On publication of the order under sub-section (1), the entire property and assets of the Financial Establishment and persons mentioned therein shall immediately vest in the Competent Authority appointed by the Government until further orders of the Designated Court. (3) Unless specifically provided otherwise in any other law, the attachment shall be made in the manner as prescribed for the attachment of property in execution of decree under Order 21, Rules 43, 43A, 46, 47, 49, 50, 51 and 54 of the Code of Civil Procedure, 1908.