The National Company Law Appellate Tribunal has stayed the decision of the Competition Commission to impose Rs 591 crore penalty on Coal India for unfair business practices. The Competition Appellate Tribunal (COMPAT) has been merged with NCLAT last month. Now, NCLAT is the appellate authority for hearing appeals against the orders passed by the Competition Commission of India (CCI).
In March, CCI had imposed a fine of Rs 591 crore on Coal India Ltd (CIL) for having discriminatory conditions in fuel supply pacts. It was the second order by CCI on the complaints after its first ruling, passed in December 2013, was set aside by the COMPAT. “Until further orders the operation of the impugned common order dated March 24, 2017 passed by Competition Commission of India…shall remain stayed,” NCLAT said in an order dated May 31.
The order came on an appeal filed by the company against the CCI ruling. In a statement today, law firm Shardul Amarchand Mangaldas & Co said it has successfully got a stay from the NCLAT in its first interim protection against an order of CCI. Shardul Amarchand Mangaldas & Co acted as the legal advisor to CIL and its subsidiaries in the case.