(1) The Competent Authority shall, after making an assessment of the deposit liabilities, apply before the Designated Court, from time to time, seeking permission for making payment to the depositors from out of the money realised.
(2) In case the money realised or realisable is not sufficient to meet the entire deposit liabilities, the Competent Authority shall apply to the Designated Court, seeking permission for part-payment to the depositors and the Designated Court shall, while passing an order or direction in this regard, take into consideration the estimate submitted by the secured creditors, if any, and the statement of the Competent Authority, under sub-section (4) and sub-section (5) of section 10, respectively.
Designated Court. 12. (1) The State Government may, by notification, specify one or more courts as the Designated Court, for such area or areas or for such case or class or group of cases, as may be specified in the notification, to try the offences punishable under this Act.
PART TV) THE KOLKATA GAZETTE, EXTRAORDINARY, MAY 14, 2015 11 The West Bengal Protection of Interest of Depositors in Financial Establishments Act, 2013.
(Sections 13, 14.)
Jurisdiction of Designated Court.
Powers of Designated Court regarding attachment.
(2) A Designated Court shall be presided over by a judge to be appointed by the State Government with the concurrence of the Chief Justice of the High Court at Calcutta.
(3) A person shall not be qualified for appointment as a judge or an additional judge of a Designated Court unless he is, immediately before such appointment, serving as a Sessions Judge or an Additional Sessions Judge in the State.