In its petition, city-based Indian Cements Ltd (ICL), owner of Chennai Super Kings (CSK), also sought a stay on the committee's last month order.
It contended that the committee's order was against fundamental principles of natural justice and a fair hearing.
Star-studded Mahendra Dhoni-led CSK and Rajasthan Royals were on July 14 suspended for two years from the League in a clean-up of cricket following the 2013 betting scam involving their top officials Meiyappan and Raj Kundra.
The punishments were handed down by a three-member panel headed by former CJI R M Lodha which was asked by the Supreme Court to decide the quantum of punishments after finding them guilty of betting.
In its petition, India Cements alleged that imposing punishment on the franchise (CSK) without going into the charges or the alleged offence committed was against the principles of natural justice and a fair hearing.
While referring to the Supreme Court order in January last, the petition said "Gurunath Meiyappan had been (found) guilty of betting but not spot-fixing, match-fixing or misuse of inside information...Meiyappaan never had shares in India Cements nor was he is in the management of the company.
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