Section 14
Application for confirmation of attachment and sale of property.
The Banning of Unregulated Deposit Schemes Act, 2019
About this Act
An Act to provide for a comprehensive mechanism to ban the unregulated deposit schemes, other than deposits taken in the ordinary course of business, and to protect the interest of depositors and for matters connected therewith or incidental thereto.
(1) The Competent
Authority shall, within a period of thirty days, which may extend up to sixty days, for reasons to be
recorded in writing, from the date of the order of provisional attachment, file an application with such
particulars as may be prescribed, before the Designated Court for making the provisional attachment
absolute, and for permission to sell the property so attached by public auction or, if necessary, by
private sale.
(2) In case where the money or property has been attached on the permission granted by a Designated Court in another State or Union territory, the application for confirmation of such attachment shall be filed in that Court.
(2) In case where the money or property has been attached on the permission granted by a Designated Court in another State or Union territory, the application for confirmation of such attachment shall be filed in that Court.