The National Company Law Appellate Tribunal (NCLAT) has reserved its judgement over the petition filed by traders' body CAIT against fair trade regulator CCI's nod to Walmart's $16-billion acquisition of Flipkart.

A two-member bench of the appellate tribunal headed by Justice S J Mukhopadhaya concluded its hearing on Thursday after taking note of submissions made by both sides.

"Hearing concluded. Judgment Reserved," said the NCLAT.

However, the bench said: "It will be open to the parties to file short written submission, not more than three pages, by January 29, 2019."

In August 2018, CAIT had filed a petition in the NCLAT, which is also an appellate authority over the Competition Commission of India (CCI), asking for the reversal of the Walmart-Flipkart deal.

On August 18, Walmart had informed that it has completed deal with Flipkart and holds 77 per cent stake in the Indian e-commerce major.

Earlier on September 6, the NCLAT, which is also an appellate authority over the Competition Commission of India (CCI), had asked Wal-Mart International Holdings Inc to file a reply before it explaining way of doing business in India.

CAIT was also asked to file its understanding over the Walmart's business model in India.