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D. Y. CHANDRACHUD
Manjit Singh Sodhi – Appellant
Versus
Custodian – Respondent
JUDGMENT :
Dhananjaya Y Chandrachud, J.
1. Leave granted.
2. The appeal arises from a judgment dated 6 March 2020 of the Special Court constituted under the Special Court (Trial of Offences Relating to Transactions in Securities) Act 1992 [“Act of 1992”]. The decision of the Special Court arises out of an execution application filed by the Custodian, the first respondent, being Execution Application No 1 of 2019.
3. Fairgrowth Financial Services Ltd. [“FFSL”], the second respondent, is a company registered under the provisions of the Companies Act 1956. Raviraj Housing Corporation, the third respondent, had availed a short term loan of Rupees Twenty five lakhs from FFSL and agreed to repay it after 180 days with interest at the rate of 20 percent per annum. The first respondent is the custodian appointed by the Central Government under the provisions of the Act of 1992. The custodian notified the second respondent as a “notified person” under the provisions of Section 3(2) of the Act of 1992. 3[Section 3(2) “The custodian many, on being satisfied on information received that any person has been involved in any offence relating to transactions in securities after the 1st day of April 19
Provisions of Limitation Act, 1963 have no application in relation to a petition under Section 4(2) of Special Court (Trial of Offences Relating to Transactions in Securities) Act 1992.
The Limitation Act, 1963 applies to the Maharashtra Protection of Interest of Depositors Act, 1999, allowing for the condonation of delay in filing affidavits unless expressly excluded.
Section 19 of the Indian Limitation Act does not extend the limitation period under Section 48 of the Civil Procedure Code for the execution of decrees.
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