(1) The Liquidator of the bank or financial institution that has been subjected to mandatory liquidation or having its license revoked by the Rastra Bank shall after completion of the process of liquidation submit an application to the court along with the details of the activities carried out requesting for liquidation.
(2) In cases where the Liquidator submits an application to the court pursuant to Sub-Section (1), the court shall carrying an inquiry into its as may be necessary and may decide that such bank or financial institution has been subjected to mandatorily liquidation.
(3) The Liquidator shall publish the decision given by the court pursuant to Sub-Section (2) in each national level newspaper of the Nepali or English language at least once and while publishing in such a manner, the main points of the order of the court and the liquidation report shall have to be mentioned.
(4) Upon publication of the notice pursuant to Sub-Section (3), the Liquidator shall request the Office of the Company Registrar to remove the name of the bank or financial institution from the list of registration of companies and the Office of the Company Registrar shall publish the notice of removal of the name of the bank or financial institution from the Companies Registration Book in the Nepal Gazette accordingly.
(5) The process of mandatory liquidation of the bank or financial institution shall be completed after removal of the name of the bank or financial institution subjected to mandatory liquidation after publishing a notice thereof in the Nepal Gazette pursuant to Sub-Section (4) and such a bank or financial institution shall be deemed to have been duly dissolved.
(6) If there is any liability of a Director, Chief Executive, office bearer, employee or shareholder of the bank or financial institution or other person under this Act or other prevailing laws, such liability shall continue to remain as it is.