Supreme Court Upholds NCLAT Order, Warns of Contempt for Non-Payment

The Supreme Court upheld the impugned order passed by the National Company Law Appellate Tribunal, dismissing the appeals and disposing of pending applications. Another order granted a final opportunity for payment with a specified deadline, emphasizing no further extensions would be allowed and warning of contempt action for non-compliance. The Court clarified that interest would apply for delays beyond a certain date. Civil Appeals were dismissed, and pending applications were disposed of accordingly.

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Issues: Impugned order dated 30.05.2018 passed by the National Company Law Appellate Tribunal; Delayed payment situation leading to non-compliance with court undertaking.

Analysis:
- The Supreme Court, comprising of Justices Rohinton Fali Nariman and S. Abdul Nazeer, heard the appeal and decided not to interfere with the impugned order dated 30.05.2018 passed by the National Company Law Appellate Tribunal, New Delhi. Consequently, the appeals were dismissed, and pending applications were disposed of.

- Another order by Justices R. Natarajan and Tapan Kumar Chakraborty addressed a situation where the applicants were unable to make a payment by the specified date due to circumstances beyond their control. The Court, upon the request of Mr. Kapil Sibal, granted a final opportunity for the payment to be made by 15.12.2018. It was clarified that interest at the rate of 12% per annum would apply for any delay beyond 30.09.2018. The Court emphasized that no further extension beyond 15.12.2018 would be allowed, and the applicant could seek contempt action if the payment was not made. The interlocutory application was disposed of accordingly. Additionally, Civil Appeals were dismissed as per the signed order, with any pending applications also being disposed of.

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