Nepal Rastra Bank Act, 2058

Section 88J: Effect After Special Administration Team Takes Bank or Financial Institution Under Control

Section 88L: Other Provisions Relating to Resolution
1) Notwithstanding whatever matter has been written in existing law, all claims related to the commercial bank or financial institution which is under the process of resolution shall be as per this Act.
2) No one is supposed to bar, obstruct, interrupt or interfere or get the right to access and control of the Special Administration Team barred, obstructed, interrupted or interfered. If anybody commits or gets such work committed, the Special Administration Team can request the administration or the police concerned for necessary help. If requested as such, the body concerned shall have to help maintain access and control of the Special Administration Team to the office, property, record, account book and information technology system by managing essential security.
3) If Special Administration Team submits the report to the Bank, or if the Special Administration Team is dissolved due to any reason, any party, who has been in loss by the act and action carried out by the Special Administration Team or the Bank as per this Chapter, can furnish application to the court within sixty days from the date of dissolution for the sake of compensation.
4) The court can get economic compensation paid to the party in loss on the following conditions:
(a) If any act carried out or action taken takes place by surpassing jurisdiction in the course of resolution,
(b) If the process of resolution is not accomplished as per this Act,
(c) While carrying out an act and taking action for resolution, if it is done without sufficient ground and reason.
5) While exercising the power obtained as per this Act, the Special Administration Team shall have to exercise in a transparent and justified manner so that it shall benefit the depositors and other claimants.
6) In the course of the process of resolution, the remuneration and facility to be obtained by the person who represents the Bank or Special Administration Team or the person who helps him/her shall be as determined by the Bank.
7) No depositor, shareholder or creditor shall be allowed to file a lawsuit of any kind against any works performed to help in the process of resolution by the Directors or a lien on posts of the commercial bank or financial institution concerned in the course of implementing the decision of the Bank or Special Administration Team.
8) Notwithstanding whatever matter has been written in existing law, the Bank can obtain the information and description related to any commercial bank or financial institution regarding the process of resolution of such an institution from any person, firm, company or institution of the government or the private sector. If the Bank issues an order, the major managerial information, including the location of the technology of any commercial bank or financial institution, and sensitive and major works performed by such institution, shall be submitted to the Bank. It shall be the duty of the person, firm, company or institution concerned to provide any information sought by the Bank.