The AIKS, which had challenged the May 23 notification besides three other parties, described the SC's order as "peasant's victory, government's failure," and one that will strengthen the country's secular forces.
The apex court's order has "exposed" the government's "nefarious" design of using the notification to polarise people communally, allegedly for political purpose, the AIKS said in a statement.
The apex court's order came after the Centre asserted that it was not seeking lifting of the stay on the notification by the Madurai Bench of the Madras High Court and was, rather, looking at it afresh by considering objections and suggestions.
The AIKS had in its petition contented that the "impugned" rules have made the once prized possessions worthless, calling the Centre's notification a second "surgical strike" on farmers after demonetisation.
"The issue has been purposefully used to communally polarise the people for political purpose and unleash mob violence lynching innocent people. The SC stay has exposed this nefarious communal design of the central government," it said.
The AIKS also submitted before the court that the rules "effectively choke" the free movement of animals via the market space and, more critically, completely undermine the freedom and rights of farmers, traders and all others whose livelihoods are linked to this production cycle.
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