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Section 12 - Banning of Unregulated Deposit Schemes Act, 2019
Chapter V
Restitution to Depositors
12. Priority of depositors' claim.-
Save as otherwise provided in the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002) or the Insolvency and Bankruptcy Code, 2016 (31 of 2016), any amount due to depositors from a deposit taker shall be paid in priority over all other debts and all revenues, taxes, cesses and other rates payable to the appropriate Government or the local authority.
Related Sections
- Section 4: Fraudulent default in Regulated Deposit Schemes
- Section 32: Application of Code of Criminal Procedure, 1973 to proceedings before Designated Court
- Section 42: Amendment to certain enactments
- Section 35: SApplication of other laws not barred
- Section 29: Competent Authority to be informed of offences
Related Acts
* Only for reference.