Application to the District and Session Court.

(1) Upon receipt of the orders of the Government under section 18, the Competent Authority shall apply within 30 (thirty) days to the District and Sessions Court having jurisdiction for making the ad-interim order of attachment absolute, and for a direction to sell the property so attached by public auction and realize the sales proceeds. (2) An application under sub-section (1) shall be accompanied by one or more affidavits, stating the grounds on which the belief that the Financial Establishment has committed any default or is likely to defraud, the amount of money or value of other property believed to have been procured by means of the deposit, and the details if any, of the persons in whose name such property is believed to have been invested or purchase out of the deposits or any other property attached under section 18. (3) For the purpose of crediting and dealing with the money realized by the Competent Authority, it shall open a separate bank account in any Scheduled commercial bank.