(1) The Liquidator shall, within 30 days after completion of classification of the claims pursuant to Section 88, prepare a detailed plan of action of the liquidation of the said bank or financial institution and submit it to the court for approval, and information thereof shall be given to the Rastra Bank as well.
(2)( )he following matters shall be incorporated into the liquidation plan to be submitted pursuant to Sub-Section (1):-
a. Detail description of the assets and liabilities of the bank or financial institution and their nature and quantity,
b. The previous and projected income and expenditure of the bank or financial institution,
c. Detail description as to whether to continue the current financial transactions of the bank or financial institution or to revoke them,
d. Decision or order of the court,
e. Details of the proceedings taken for compensation from a Director, office bearer or employee for the offences and other unlawful acts they have committed,
f. Detail description as to the classification of claims and priority order of payment,
g. Plan of sale and liquidity of the main assets or group of assets of the bank or financial institution,
h. Liabilities of the bank or financial institution and table of details of the probable payment to be made to the depositors and creditors within the upcoming ninety days,
i. Costs and expenses of the mandatory liquidation,
j. Other details as specified by the Rastra Bank.
(3) The Liquidator shall update the liquidation plan referred to in Sub-Section (1) on a quarterly basis.
(4) Once the liquidation plan is approved by the court, the plan shall have to be made available to the creditors of the bank or financial institution for inspection, whose claims are stated in the plan.
(5) Notwithstanding anything contained elsewhere in this Act, no bank or financial institution, which has been subjected to mandatory liquidation, shall be recapitalized by making full or partial financing.