Lawgist11Discharge of liabilities
(1) Notwithstanding anything contained in the Code and any other law for the time being in force, the Special Court may make such order as it may deem fit directing the Custodian for the disposal of the property under attachment.
(2) The following liabilities shall be paid or discharged in full, as far as may be, in the order as under:--
(a) all revenues, taxes, cesses and rates due from the persons notified by the Custodian under sub-section (2) of section 3 to the Central Government or any State Government or any local authority;
(b) all amounts due from the person so notified by the Custodian to any bank or financial institution or mutual fund;
(c) any other liability as may be specified by the Special Court from time to time.
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- 1 Short title and commencement
- 2 Definitions
- 3 Appointment and functions of Custodian
- 4 Contracts entered into fraudulently may be cancelled
- 5 Establishment of Special Court
- 5A Distribution of cases amongst Judges of Special Court
- 6 Cognizance of cases by Special Court
- 7 Jurisdiction of Special Court
- 8 Jurisdiction of Special Court as to joint trials
- 9 Procedure and powers of Special Court
- 9A Jurisdiction, powers, authority and procedure of Special Court in civil matters
- 9B Powers of the Special Court in arbitration matters
- 10 Appeal
- 11 Discharge of liabilities
- 11A Power to punish for contempt
- 12 Protection of action taken in good faith
- 13 Act to have overriding effect
- 14 Power to make rules
- 15 Repeal and savings
