JUDGMENT

Manish Pitale, J. - These two appeals have been filed under Section 11 of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999 (hereinafter referred to as "the MPID Act"). Criminal Appeal No.451 of 2020 is filed by the appellant claiming to be a small investor, who is aggrieved by orders dated 22/10/2020 and 03/11/2020 passed by the Designated Court for cases arising from the MPID Act at Mumbai. Criminal Appeal No.88 of 2021 has been filed by the State of Maharashtra, through the Competent Authority appointed under the MPID Act, challenging orders dated 16/10/2018 and 23/04/2019 passed by the aforesaid Designated Court. These appeals raise a common question as to the manner in which the Designated Court under Section 7(4) of the MPID Act is supposed to distribute money realized from assets attached under the provisions of the MPID Act. It is contended that when the Designated Court under the aforesaid provision is required to ensure equitable distribution of such money amongst the depositors, it can be distributed in a graded or preferential manner in terms of the object of the MPID Act and not merely equally or on prorata basis.

2. On