JUDGMENT

B.N. Kirpal, J. - These appeals by special leave are against the judgment of the Special Court constituted under the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992 (hereinafter referred to as the Special Court Act) whereby the appellant has been held to have committed civil contempt as defined under Section 2(b) of the Contempt of Courts Act, 1971 and sentenced to undergo simple imprisonment for a period of one month and a fine of Rs. 2,000/-.

2. M/s. Fairgrowth Financial Services Limited was notified on 2nd July, 1992 under the provisions of the Special Court Act. As a result thereof, all properties belonging to the said notified party stood automatically attached.

3. The Custodian appointed under the Special Court Act filed Misc. Application No. 193 of 1993 and sought a decree for Rs. 50 crores on behalf of the notified party against Pallav Sheth, appellant herein. On 24th February, 1994 the appellant submitted to a Consent Decree for a sum of Rs. 51.49 crores which was to be paid in instalments. Rs. 2.00 crores were paid but thereafter the appellant defaulted in the payment of further instalments.

4. The Custodian then moved an Executi