The Supreme Court recently held that the National Company Law Appellate Tribunal (NCLAT) does not have the jurisdiction to dismiss an appeal for a party’s failure to provide a deposit as a pre-condition for grant of stay of an order.
In B Himmatlal Agrawal v Competition Commission of India, the commission had imposed a penalty of ₹36.1 million (US$531,000) on B Himmatlal Agrawal, a partnership firm engaged in the business of transportation of coal and sand, and nine others for anti-competitive behaviour and unfair trade practices. Agrawal appealed against the order before NCLAT and also sought an interim stay. NCLAT ordered Agarwal to deposit 10% of the total penalty as a condition for granting of stay. When Agrawal failed to deposit the amount because of financial difficulties, NCLAT dismissed the appeal for non-compliance.
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The dispute digest is compiled by Bhasin & Co, Advocates, a corporate law firm based in New Delhi. The authors can be contacted at lbhasin@bhasinco.in or lbhasin@gmail.com. Readers should not act on the basis of this information without seeking professional legal advice.
