Report by the Competent Authority

After making a report under section 7, the Competent Authority shall make an application to the Special 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 other liabilities and in case the money realized or realizable is not sufficient to meet the entire liability, seek permission of the Special Court for making payment to the depositors and disburse the money as per the orders of the Special Court. (1) (i) for the words “along with any benefit”, the words “or on demand or otherwise by the depositor or his successor along with or without benefit”, shall be substituted; and (ii) after the words “promoter, director, partner, manager”, the words “former directors, partners, promoters who have demitted or resigned from establishment provided their liability is limited to the period of office”, shall be inserted. (2) in sub-section (3), in clause (iii), in sub-clause (b), after the words “any negligence on the part of any”, the words “such current or former”, shall be inserted.