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Powers of designated court to realise assets and direct restitution to depositors, including disgorgement and protective orders. Designated Court may approve statements of dues, assess and value a deposit taker's assets, finalise depositor lists and direct the Competent Authority to take possession and realise assets, approve necessary expenditure, order full or proportionate payments to depositors, direct disgorgement of wrongful gains or losses averted, and make any other orders necessary for asset realisation and repayment; it may also, on application and after hearing the Competent Authority, order release of reasonable sums from attached property for maintenance, defence or to protect affected business interests. Deposit taker includes directors, promoters, managers, members and persons whose property is attached.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
<h1>Powers of designated court to realise assets and direct restitution to depositors, including disgorgement and protective orders.</h1> Designated Court may approve statements of dues, assess and value a deposit taker's assets, finalise depositor lists and direct the Competent Authority to take possession and realise assets, approve necessary expenditure, order full or proportionate payments to depositors, direct disgorgement of wrongful gains or losses averted, and make any other orders necessary for asset realisation and repayment; it may also, on application and after hearing the Competent Authority, order release of reasonable sums from attached property for maintenance, defence or to protect affected business interests. Deposit taker includes directors, promoters, managers, members and persons whose property is attached.
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