(1) If an application for stay of realisation of any amount of penalty or for stay of an order passed, under the Act or the rules made thereunder has been presented along with the application for revision before the revisional authority, such authority may, after giving the applicant a reasonable opportunity of being heard, dispose of such application for stay within one month from the date of presentation of such application.
(2) The revisional authority may, in his discretion, by an order in writing, stay realisation of the penalty in part or whole or stay the operation of the order sought to be revised, as the case may be, on such terms and conditions as he may deem fit and proper in the facts and circumstances of the case.
(3) If the realisation of penalty or operation of the order is stayed by the order referred to in sub-rule (2), subject to payment of such amount of penalty or furnishing of such security to secure the payment of penalty or as directed in such order, stay shall be allowed on compliance of the said order by the applicant.
(4) Where the applicant fails to pay the amount of penalty or furnish the security as required by the order referred to in sub-rule (2) or sub-rule (3), as the case may be, by the date specified therein, such order staying the realisation of penalty or operation of the order shall stand automatically vacated on the expiry of the date specified in such order or such further date may be allowed by the revisional authority.