Power of Competent Authority to sell or dispose of Property

(1) Where any property attached and vested in the Competent Authority under the provisions of the Act is subject to speedy and natural decay and if it is expedient to dispose it, the Competent Authority may, after obtaining permission of the Designated Court, sell or otherwise dispose of the said property and shall include the sell proceeds in the account of the Financial Establishment. (2) The Competent Authority shall, after disposing of the said property under sub-rule (1) report the same to the Designated Court.