Power to Court for attachment, sale, realization, and distribution.

(1) Upon receipt of an application under section 19, the Court shall issue to the Financial Establishment or to any other person whose property is attached by the Government under section 18, a notice accompanied by copies of the application and affidavits, and of the evidence if any recorded, calling upon it/him to show cause on a date to be specified in the notice why the order of attachment should not be made absolute, and the property so attached sold in public auction. (2) The Court shall also issue such notice to all other persons represented to it as having or being likely to claim any interest in the property of the Financial Establishment or the person to whom the notice is issued, calling upon such person to appear on the same date as that specified in the notice and make objection if he so desires to the attachment of the property or any portion thereof on the ground that he has an interest in such property or portion thereof. (3) Any person claiming an interest in the property attached or any portion thereof may, notwithstanding that no notice has been served upon him under this section, make an objection as aforesaid to the Court at any time before an order is passed under sub-section (4) or sub-section (6). (4) If no cause is shown and no objection are made on or before the specified date, the Court shall forthwith pass an order making the ad-interim order of attachment absolute, and direct the Competent Authority to sell the property so attached by public auction and realize the sales proceeds. (5) If cause is shown or any objection is made as a aforesaid, the Court shall proceed to investigate the same, and in doing so as regards the examination of the parties and in other respect the Court shall, subject to the provisions of this Act, follow the procedure and exercise all the powers of a Court in hearing a suit under the Code of Civil Procedure, 1908 (V of 1908) and any person making an-objection shall be required to adduce evidence to show that at the date of attachment he had some interest in the property attached. (6) After investigation under sub-section (5), the Court shall pass an order within a period of one hundred and eighty days from the date of receipt of an application under sub-section(1) of section 19 either making the ad-interim order of attachment absolute or varying it by releasing a portion of the property from attachment or canceling the ad-interim order of attachment, and then direct the Competent Authority to sell the property attachment by public auction and realize the sale proceeds: Provided that the Court shall not release from attachment any interest which it is satisfied that the Financial Establishment or the person referred to in sub-section(1) has in the property unless it is also satisfied that there will remain under attachment amount or property of value not less than the value that is required for repayment to the depositors of such Financial Establishment. (7) The Court shall, on an application by the Competent Authority, pass such order or issue such direction as may be necessary for the equitable distribution among the depositors, of the money attached or realized out of the sale of attached property.