Section 17: Payment in lieu of attachment.

The Banning of Unregulated Deposit Schemes Act, 2019Central Act · Act 21 of 2019

(1) Any deposit taker or a person referred to in sub-section (1) of section 15, or transferee referred to in section 16 whose property is about to be attached or has been provisionally attached under this Act, may, at any time before the confirmation of attachment, apply to the Designated Court for permission to deposit the fair value of the property in lieu of attachment.

(2) While allowing the deposit taker or person or transferee referred to in sub-section (1) to make the deposit under sub-section (1), the Designated Court may order such deposit taker or person or transferee to pay any sum towards costs as may be applicable.

Where this provision sits

Act	The Banning of Unregulated Deposit Schemes Act, 2019
Section	17
Marginal note	Payment in lieu of attachment.
Jurisdiction	Central
Status	In force as published by the source

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