(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.
(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.
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More sections of this act
Section 1 · Short title, extent and commencement.Section 2 · Definitions.Section 3 · Banning of Unregulated Deposit Schemes.Section 4 · Fraudulent default in Regulated Deposit Schemes.Section 5 · Wrongful inducement in relation to Unregulated Deposit Schemes.Section 6 · Certain scheme to be Unregulated Deposit Scheme.Section 7 · Competent Authority.Section 8 · Designated Court.India Code, Government of India. Text fetched 16 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.