Powers of Designated Court regarding recovery of assets and payment to depositors

(1) The Designated Court shall have all the powers to make the provisions of this Act effective. (2) Without prejudice to the generality of sub-section (1), the Designated Court may: (i) give any direction it deems fit to the Competent Authority for effective implementation of the provisions of this Act; (ii) approve the liability statement of the Financial Establishment from different creditors, determine the value of the assets of the Financial Establishment, and finalize the list of depositors and their dues; (iii) direct the Competent Authority to take into possession any assets of the Financial Establishment or under its control, and direct the sale, transfer or recovery of the attached assets, either by public auction or private sale as it deems fit, and deposit the sale proceeds in a bank account; (iv) approve the necessary expenditure to be incurred by the Competent Authority for taking possession of or recovery of the assets of the Financial Establishment; (v) order payments to the depositors by the Competent Authority, or in case the money thus recovered is insufficient to meet the entire deposit liabilities, order proportional payment to the depositors; and (vi) pass any order it deems proper on any matter or dispute related to the recovery of the assets of the company, or payment to the depositors of the Financial Establishment, or any matter incidental thereto. Explanation - For the purposes of this section, the expression "Financial Establishment" includes the director, promoter, manager or member of the said establishment or any other person whose assets or property have been attached under Section 3.