Settlement Commission procedural timelines tightened, with deemed approvals, reporting duties and revised interest calculation. Amendments require the Settlement Commission to issue a notice within seven days and, after hearing, to reject or allow an application within fourteen days or have it deemed allowed; transitional provisions condition deemed allowance on payment by a prescribed cutoff and treat that cutoff as the order date. The Commission must call for Commissioner reports within set periods and may proceed without late reports, may declare applications invalid after hearing, direct further enquiries and obtain reports, and must pass orders within specified outer deadlines. The provision also revises the interest calculation methodology under the section.
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Settlement Commission procedural timelines tightened, with deemed approvals, reporting duties and revised interest calculation.
Amendments require the Settlement Commission to issue a notice within seven days and, after hearing, to reject or allow an application within fourteen days or have it deemed allowed; transitional provisions condition deemed allowance on payment by a prescribed cutoff and treat that cutoff as the order date. The Commission must call for Commissioner reports within set periods and may proceed without late reports, may declare applications invalid after hearing, direct further enquiries and obtain reports, and must pass orders within specified outer deadlines. The provision also revises the interest calculation methodology under the section.
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