Tro vs Custodian Appointed Under The Special ...

The Supreme Court examined the applicability of the Special Courts (Trial of Offences Relating to Transactions in Securities) Act, 1992, specifically Sections 3(2) and 3(3), in the context of the attachment of assets belonging to M/s Dhanraj Mills (P) Ltd. The Court held that the Tax Recovery Officer's (TRO) intervention applications were not maintainable as they sought recovery orders against a non-notified party, affirming the Special Court's rejection of the TRO's claims. The outcome reinforced the custodian's authority in managing the assets of notified parties under the Special Courts Act.