Stay of demand by the Authority.
263. (1) A public sector company may make an application to the Authority for stay of demand relating to the appeal preferred by it under section 256 and such application shall be accompanied by such fees as may be prescribed.
(2) The Authority may, after giving both the parties to the appeal an opportunity of being heard and having considered the merits of the case, pass such orders on the stay application as it deems fit.
(3) The Authority may pass an order of stay under sub-section (2) for a period not exceeding one hundred and eighty days from the date of passing of the order for stay and the Authority shall dispose of the appeal within the said period of stay specified in that order.
(4) The Authority may, on an application made by the public sector company seeking extension of the period of stay, extend the period of stay allowed under sub-section (2), if it is satisfied that the delay in disposing of the appeal is not attributable to the company.
(5) The aggregate of the period originally allowed under sub-section (2) and the period or periods extended under sub-section (4) shall not, in any case, exceed three hundred and sixty-five days from the date of passing the order of stay under sub-section (2).
(6) The Authority shall dispose of the appeal during the period of stay allowed under sub-section (2) or the period or periods extended under sub-section (4), notwithstanding that the delay in disposing of the appeal is not attributable to the company and where the Authority fails to do so, the stay order shall stand vacated.
