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Special Court (Trial and Offences Relating to Transactions in Securities) Act, 1992
Section 3(2)—Claim made by notified person—Applicability of provisions of Limitation Act—Section 29(2) of the Limitation Act of 1963 stipulates that where a special law prescribes a period of limitation for an application different from the period prescribed in the Schedule of the 1963 Act, then Section 3 of the 1963 Act shall apply as if such period was prescribed by the schedule, and the provisions of Section 4 to 24 shall apply to the extent that it is not expressly excluded by the special law—Apex Court in 2004 (11) SCC 456 observed that Section 29(2) of the 1963 Act is not applicable to the 1992 Act since in “terms of the provisions of the Act, no limitation period is prescribed”—Special Court has proceeded on the basis of acknowledgement of liability by the appellant—Based on the decision of the Apex Court 2004 (11) SCC 456, the ultimate directions which have been issued by the Special Court cannot be interfered with—Further observations contained in impugned order were for the purpose of issuing the directions for a disclosure of assets and would not preclude the custodian/first respondent from urging that the Act of 1963 had no application to execution application which was filed for enforcement of decree—Appellant granted four weeks to file his disclosure of assets. [Limitation Act, 1963, Section 3, 18 & 29A]
[Paras 15 to 19]