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Section 7 of the MPID – Amendment for Restriction on Adjournments

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Section 7 of the said Act provides for powers of Designated Court of attachment of property of Financial Establishments which defaults in repayment of deposits by any depositor. To expedite the proceedings of the Designated Court, the Government considers it expedient to restrict adjournments during such proceedings on the lines of the provisions of the Bharatiya Nagarik Suraksha Sanhita, 2023 (46 of 2023). Therefore, it is proposed to amend said section 7 to provide that not more than two adjournments shall be granted but in exceptional circumstances one additional adjournment may be granted by the Designated Court.

HB 673 L.A. Bill Eng. .indd

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