Finolex Cables case: NCLAT bench wilfully defied our order, says SC

The Supreme Court on Monday held that a National Company Law Appellate Tribunal (NCLAT) bench comprising judicial member Rakesh Kumar and technical member Alok Srivastava wilfully defied its October 13 order by going ahead with the pronouncement of their verdict in the Finolex Cables case. A bench headed by Chief Justice D Y Chandarchud and Justices JB Pardiwala and Manoj Misra, however, closed the contempt proceedings against Kumar and Srivastava. It took note of the fact that the judicial member has resigned from his post and Srivastava, who only followed the direction of Kumar, tendered an unconditional apology. We are of the view that there was an attempt to defy the orders of this court, the bench said. The bench, however, imposed a cost of Rs one crore on Deepak Chhabria, one of the parties to the corporate dispute, and Rs 10 lakh on a scrutinizer for their role in the case and said the amount be paid in four weeks. The amount will be deposited with the Prime Minister's reli

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