Compat stays Rs 630 cr penalty on DLF

New Delhi: The Competition Appellate Tribunal (Compat) today stayed the Rs 630 crore penalty imposed by fair trade watchdog Competition Commission of India (CCI) on realty major DLF over alleged abuse of dominant market position.

A three-member bench headed by Justice Arijit Pasayat stayed the operation of the CCI order imposing the penalty.

However, the tribunal clarified in an interim order that if DLF loses its case, the company will have to deposit the entire amount along with 9 per cent interest.

It also asked the company to give an undertaking within a period of three months regarding its liability to pay the penalty and interest if it loses the case.

Meanwhile, the tribunal also directed DLF and the flat owners` association to submit a draft of the revised terms of their agreement, as directed by the CCI in its order, within a period of eight weeks.

The case pertains to the CCI`s imposition of a hefty penalty of Rs 630 crore on DLF on August 12 for alleged abuse of its dominant position and the issuance of a `cease and desist` order over unfair conditions imposed on the buyers of its flats.