Proceeds from sale of perishable assets under Section 13(5) of the Banning of Unregulated Deposit…
Under section 13(5) perishable attached assets may be sold, and the proceeds are utilised "in the same manner" as provided for other property under the Act, that is, under…
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Proceeds from sale of perishable assets under Section 13(5) of the Banning of Unregulated Deposit Schemes Act, 2019 shall be:
Answer and explanation
Correct answer C
Under section 13(5) perishable attached assets may be sold, and the proceeds are utilised "in the same manner" as provided for other property under the Act, that is, under the Designated Court's directions. They are not paid out at once, credited to Government or returned to the deposit taker.