STANDARD CHARTERED BANK vs THE CUSTODIAN

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 appellants cannot be prioritized under Section 11(2)(b) but may be addressed under Section 11(2)(c). The Court upheld the High Court's conclusion that only principal amounts due within the specified notified period are eligible for priority payment, while interest accrued outside this period falls under a different category. The appeal was dismissed, affirming the lower court's decision.