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Section 83
Effect of order relating to revocation
(1) In case the court orders to start proceedings related to the compulsory liquidation of any bank or financial institution, such order shall be as follows:- (a) In case of expiry of any limitation according to the prevailing law in relation to any claim or right of the bank or financial institution, the said bank or financial institution shall The extent of such claim or right shall be automatically extended for six months from the date of the court's order to initiate the cancellation proceedings. (b) Except in the case mentioned in clause (c), the property or equity of the bank or financial institution is held in any way or the loan taken by the bank or financial institution. If there is a mortgage, it will be automatically released. (c) Deposit taking and lending operations of the bank or financial institution will be automatically stopped. Court proceedings cannot be instituted against a bank or financial institution. However, if there is a case under consideration in the Supreme Court regarding such a bank or financial institution, or if it is necessary to obtain necessary relief from the Supreme Court, the National Bank shall file an application before that court. (e) Liability of the bank or financial institution. Interest or any other additional charges will not be charged. (f) The transfer, pledge or deposit of shares of such a bank or financial institution cannot be revoked. If the liquidator comes to know in any way that any work done before six months from the date of order to start the work will cause damage or harm to the interest of the depositors and creditors of such bank or financial institution, the liquidator shall submit the application to the court and inform the Rashtra Bank as well. (3) In the application submitted by the liquidator in accordance with sub-section (2), if the court finds that any of the following actions have been taken, such action shall be taken.The mortgage may be declared invalid and void:- (a) if a decision has been made to grant a gift, (b) if an action has been taken to prejudice the rights and interests of the depositor or creditor, (c) if the payment or transfer has been made before the due date of the loan. or if the release, transfer or filing of the mortgage is canceled before the maturity of the loan, (d) If it is found that the bank or financial institution has an agreement in the course of any business transaction that imposes more obligations than what is normal or customary, (e) Regular banking that may be done in accordance with this Act And if it is found that any agreement or transaction has been made with arrangements different from financial transactions, (f) If an agreement has been made to provide employment to related persons. Privileged transactions made six months before the commencement or within six months of the commencement of such proceedings, (b) Privileged transactions with related persons within one year before the commencement of compulsory liquidation proceedings or within one year of the commencement of such proceedings, (c) Proceedings relating to compulsory liquidation One year prior to the initiation or within one year of the commencement of such proceedings, if a transaction is made at a low price and as a result of which the bank or financial institution is forced into liquidation or other transactions carried out at a low price after the commencement of the proceedings related to compulsory liquidation of the bank or financial institution, (d) ) Fraudulent transactions that took place two years prior to the commencement of compulsory liquidation proceedings or within a period of two years after the commencement of such proceedings, (5) The liquidator shall apply to the court to cancel the transactions as per sub-section (4). (6) The court is satisfied that any transaction shall be cancelled. If so, the court may issue the following order:- (a) ordering the concerned person to pay all or part of the amount paid by the bank or financial institution in connection with such transaction to the liquidator, (b) justifying such transaction orTo order the concerned person to pay the liquidator an amount equal to that amount, (c) to order the loan taken by the bank or financial institution through such transaction, the security or guarantee given by the bank or financial institution for that loan, to be fully or partially discounted or released, (d) to be canceled Ordering that the waiver, assignment or contract between the bank or financial institution and another person as a result of the transaction shall be void, ineffective or unenforceable, (e) If any additional order is required to implement the order under this sub-section, the court shall also issue such order. 7) If there is any loss or damage to the bank or financial institution due to any director, officer, employee or other person taking action as per sub-section (3) or (4), they shall bear such loss personally.