NDLI: Manjit Singh Sodhi Vs. The Custodian & Ors.

Content Provider	Supreme Court of India
e-ISSN	30484839
Language	English
Access Restriction	NDLI
Subject Keyword	4(2) 1963 – ss. 18 11 – Limitation Act Special Court (Trial of Offences Relating to Transactions in Securities) Act 1992 – ss. 3(2) 29(2) 10
Content Type	Text
Resource Type	Law Judgement
Jurisdiction	India
Case(s) Referred	Referred Case 0 Referred Case 1 Referred Case 2 Referred Case 3
Case Type	Appeal
Court	Supreme Court of India
Disposal Nature	Appeal Disposed Off
Headnote	Special Court (Trial of Offences Relating to Transactions in Securities) Act 1992 – ss. 3(2), 4(2), 10, 11 – Limitation Act, 1963 – ss. 18, 29(2) – Directions for disclosure of assets – Third respondent corporation, had availed a short term loan of 25 lakhs from FFSL (Second respondent) and agreed to pay it after 180 days with 20% interest – Central Government appointed first respondent as custodian under the provisions of Act of 1992 – FFSL instituted Miscellaneous petition against the third respondent for the recovery of an amount of Rs. 25 lakh, together with interest – On 28.03.2003, the Special Court directed the third respondent to pay to FFSL a sum of Rs 63.86 lakhs, together with interest – FFSL issued two notices to third respondent for the payment of decretal amount on 28.04.2003 and 16.12.2011, respectively – By communication dated 22.02.2018, the appellant offered to pay the principal amount of Rs. 25 lakhs and sought a waiver of the interest and pursuant to his offer, appellant paid an amount of one lakh – The first respondent moved execution application before the Special Court – Appellant contested that said application on the ground that it was barred by limitation – The Special Court passed an ad-interim order directing the disclosure of assets of the appellant and the third respondent – It further held that the appellant clearly acknowledge the liability, hence, the claim of the first respondent is not barred by the limitation – On appeal, held: Based on the decision of Supreme Court in L S Synthetics Ltd, the ultimate directions which were issued by the Special Court cannot be interfered with – The observations contained in the impugned order were for the purpose of issuing the directions for a disclosure of assets and would not preclude the custodian (first respondent) from urging that the Act of 1963 had no application to the Execution application which was filed for enforcement of the decree dated 28.02.2003 – Appellant directed to file his disclosure of assets subject to his right to urge his submissions in Execution application.
Judge	Hon'ble Dr. Justice D.Y. Chandrachud
Neutral Citation	2022 INSC 792
Petitioner	Manjit Singh Sodhi
Respondent	The Custodian & Ors.
SCR	[2022] 7 S.C.R. 165
Judgement Date	2022-08-04
Case Number	5126

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