The Supreme Court has declared that a National Company Law Appellate Tribunal (NCLAT) bench, including Rakesh Kumar and Alok Srivastava, wilfully defied its October 13 order by proceeding with the pronouncement of their verdict in the Finolex Cables case. Contempt proceedings against Kumar and Srivastava were closed as the judicial member resigned and Srivastava tendered an unconditional apology. The court imposed a cost of Rs 1 crore on Deepak Chhabria, one of the parties, and Rs 10 lakh on a scrutinizer for their role in the case, with the amounts to be deposited in the Prime Minister’s relief fund.
Supreme Court: NCLAT Bench “Wilfully Defied” Order in Finolex Cables Case
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