HARSHAD SHANTILAL MEHTA vs CUSTODIAN

The Supreme Court addressed the interpretation of Section 11 of the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, which pertains to the priority of claims against notified parties. The Court held that the priority created by Section 11 applies to amounts due prior to the date of Notification and clarified that 'taxes' includes penalties and interest. The judgment also emphasized the need for clear legislative drafting to avoid interpretational difficulties, ultimately upholding the Special Court's authority to resolve such issues.