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.
DLF is planning to move the Competition Appellate Tribunal by early next week, to appeal against the Competition Commission of India’s (CCI) order imposing Rs.630-crore penalty on the firm.
Track2Realty-Agencies: Competition Commission of India (CCI) is working on a model framework for commercial agreements between real estate developer and the property buyer, which it expects to serve as a benchmark for the industry.
Call it the fallout of Competition Commission of India (CCI) penalty on the biggest real estate company DLF in a Gurgaon case last August, there has been a rush of complaints at the CCI against several property majors since then. According to CCI officials at least 200 complaint letters came to them against real estate players, of them around 15 were official cases.
Realty major DLF has filed a petition with the COMPAT against the August 16 order of the CCI that imposed a fine of Rs.630 crore on the company for “abuse of dominant market position”.
The Competition Appellate Tribunal (Compat) has refused to stay the proceedings of the Competition Commission of India (CCI) against real estate major DLF and permitted the competition watchdog to go ahead with its inquiry. Compat will hear the case on February 10.
Track2Realty-Agencies: The Supreme Court on Wednesday, Aug 27, ordered DLF to deposit Rs 630 crore in 3 months as a pre-condition for entertaining its appeal against the Competition Appellate Tribunal (COMPAT) decision upholding a Competition Commission’s order imposing the hefty penalty.
The Competition Appellate Tribunal (Compat) has said a new Bench will decide the DLF case wherein the realty major has challenged CCI’s Rs 630 crore penalty on it and the final hearing has been adjourned to July 18.
Realty major DLF has welcomed stay order by the Competition Appellate Tribunal (COMPAT) on the Rs 630-crore penalty imposed on it by the Competition Commission of India (CCI).
Track2Realty-Agencies: The Delhi High Court on Friday, Oct 10, dismissed DLF Home Developers Ltd’s plea questioning whether CCI had the jurisdiction to probe allegations of anti- competitive practices against it in respect of its residential projects in Gurgaon.