Powers of the Designated Court regarding realization of assets and payment to depositors

(1) The Designated Court shall have all the powers for giving effect to the provisions of this Act. (2) Without prejudice to the generality of the foregoing power, the Designated Court may,-- (a) give any direction to the Competent Authority as it deems fit, for effective implementation of the provisions of this Act; (b) approve the statement of dues of the Financial Establishment due from various debtors, assessment of the value of the assets of the Financial Establishment, finalise the list of the depositors and their respective dues; (c) direct the Competent Authority to take possession of any assets belonging to or in the control of the Financial Establishment and sell, transfer or realize the attached assets either by public auction or by private sale as may be deemed fit, depending upon the nature of assets and credit the sale proceeds thereof to the bank accounts; (d) approve the necessary expenditure to be incurred by the Competent Authority for taking possession and realization of the assets of the Financial Establishment; (e) order for payment to the depositors by the Competent Authority or order for proportionate payment to the depositors in the event of the money so realized being not sufficient to meet the entire deposit liability; and (f) pass any order which the Designated Court deems fit for realization of the assets of the company and repayment to the depositors of the Financial Establishment or on any matter or issue incidental thereto. Explanation. – For the purpose of this section, the expression “Financial Establishment” includes the directors, promoters, managers or member of said establishment or any other person whose property or assets have been attached under section 4.