Section 11
Discharge of liabilities.
The Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992
About this Act
An Act to provide for the establishment of a Special Court for the trial of offences relating to transactions in securities and for matters connected therewith or incidental thereto.
(1) Notwithstanding anything contained in the Code and any other law
for the time being in force, the Special Court may make such order as it may deem fit directing the
Custodian for the disposal of the property under attachment.
(2) The following liabilities shall be paid or discharged in full, as far as may be, in the order as under:--
(a) all revenues, taxes, cesses and rates due from the persons notified by the Custodian under sub-section (2) of section 3 to the Central Government or any State Government or any local authority;
(b) all amounts due from the person so notified by the Custodian to any bank or financial institution or mutual fund;
(c) any other liability as may be specified by the Special Court from time to time.
(2) The following liabilities shall be paid or discharged in full, as far as may be, in the order as under:--
(a) all revenues, taxes, cesses and rates due from the persons notified by the Custodian under sub-section (2) of section 3 to the Central Government or any State Government or any local authority;
(b) all amounts due from the person so notified by the Custodian to any bank or financial institution or mutual fund;
(c) any other liability as may be specified by the Special Court from time to time.