(1) The Competent Authority shall, within thirty days from the date of application to the Designated Court under sub-section (4) of section 5, assess the assets and liabilities, particularly the total amount of deposits to be returned to the depositors of the financial establishments.
(2) The Competent Authority shall, for the purpose of assessing the total amount of deposits to be returned to the depositors referred to in sub-section ( I), issue a notice to the secured creditors, if any, and to the depositors of the financial establishment, directing them to submit a statement of their claims in such manner as may be prescribed.
(3) Every notice issued under sub-section (2), shall specify that if the statement of claim is not sent to the Competent Authority before the expiry of the period of thirty days from the date of receipt of such notice, the claim of the secured creditors, if any, and of the depositors, shall be barred under the provisions of this Act:
Provided that the Competent Authority may, if it is satisfied that such secured creditors or the depositors, as the case may be, were prevented by sufficient cause from sending or tiling the statement of claim within the said period of thirty days, permit such secured creditors or the depositors to send or file such statement of claim within a further period of thirty days.
(4) Every notice issued to a secured creditor under sub-section (2), shall require him to annex with the statement of claim, an estimate of the valuation of the security and such notice shall also state that if such statement of claim together with annexure is not sent to the Competent Authority before the expiry of the period of thirty days, such Competent Authority shall, in his best judgement, value the security which shall be binding on such secured creditors.
(5) The Competent Authority shall, after assessing the net assets and liabilities of the financial establishment, submit a statement to the Designated Court in such manner as may be prescribed.