(1) Any financial establishment or person or transferee referred to in section 16 whose property—
(a) is about to be attached; or
(b) has been attached, under this Act may, at any time, apply to the Competent Authority or the Designated Court, as the case may be, for permission to give security in lieu of proposed attachment.
(2) Where the security offered is in the opinion of the Designated Court, sufficient and satisfactory, it may allow to furnish the security in such manner and within such time as may be prescribed.
(3) Where the security as referred to in sub-section (2) is furnished, the Competent Authority shall refrain itself from passing the ad interim order of attachment or the Designated Court shall not pass the order of attachment absolutely or, as the case may be, shall cancel the order of attachment.
18. The Designated Court may, on the application of any person interested in any property attached and vested in the Competent Authority under this Act and after giving the Competent Authority an opportunity of being heard make such order as the Designated Court considers just and reasonable for—
(a) providing from such of the property attached and vested in the Competent Authority as the applicant claims an interest in, such sums as may be reasonably necessary for the maintenance of the applicant and of his 14 THE KOLKATA GAZETTE, EXTRAORDINARY, MAY 14, 2015 WART IV The West Bengal Protection of Interest of Depositors in Financial Establishments Act, 2013.
(Sections 19-22.)
family, and for expenses connected with the defence of the applicant where criminal proceedings have been instituted against him in the Designated Court under section 3;
(b) safeguarding so far as may be practicable the interest of any business affected by the attachment and in particular, the interest of any partner of such business;
(c) discharge in liability, statutory or otherwise, of such financial establishments.