(1) The Central Government may, for the purpose of providing speedy trial of offences under this Code, by notification, establish or designate as many Special Courts as may be necessary.

(2) A Special Court shall consist of—

1. a single judge holding office as a Session Judge or Additional Session Judge, in case of offences punishable under this Code with imprisonment of not more than seven years; or
2. a single judge holding office as a Chief Metropolitan Magistrate, Chief Judicial Magistrate, Metropolitan Magistrate or Judicial Magistrate of the First Class, in case of offences punishable under this Code with imprisonment of not more than three years or with fine only.

(3) All offences under this Code shall be triable only by the Special Court established or designated for the area in which the registered office of the corporate person or the residence of the debtor, as the case may be, is situate.