Determination of deposit liability and assets

(1) The Competent Authority shall, within 30 days from the date of his appointment, determine the assets and deposit liability of the Financial Establishment and send its details to the Designated Court. (2) The Competent Authority shall subsequently issue a notice to secured creditors, if any, and also to the depositors of the Financial Establishment to present their claims along with proper supporting evidence through personal or effective public media. (3) Each notice sent to a claimant under sub-section (2) shall state that if the details of the claim are not sent to the Competent Authority before the expiry of the period of one month from the date of the notice, the claimant shall not be considered as a rightful claimant for payment under the provisions of this Act. (4) Each notice sent to a secured creditor shall require them to value the security before the expiry of the period of one month from the date of the notice, and the notice shall also state that if the details of the claim along with the valuation of the security are not sent to the Competent Authority, the Competent Authority himself shall value the security and his valuation shall be binding on such secured creditor. (5) If the claimant fails to comply with the notice, the valuation of such security shall be done by the Competent Authority according to his best judgment as per sub-section (4).