Standard Chartered Bank vs The Custodian & Ors

The Supreme Court ruled on the interpretation of Section 11 of the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, determining that interest claims by secured creditors cannot be prioritized under Section 11(2)(b) but can only be addressed under Section 11(2)(c). The Court held that liabilities for interest outside the notified period (1.4.1991 to 6.6.1992) are not eligible for priority payment, affirming the High Court's decision. This judgment clarifies the scope of liabilities under the Act, particularly concerning interest and penalties.