VIKRAM OVERSEAS PVT. LTD. Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) HARMONIOUS interpretation of Section 3 and Section 4(2) of the MRTP Act, 1969 is the key to this case. Before we deal with the interpretation in harmony of the said two sections, it is desirable to articulate the facts of the case in brief for proper appreciation of the legal issues involved.

(2.) VIKRAM Overseas Pvt. Ltd. (hereinafter referred to as the applicant) has preferred an application under Section 12B of the MRTP Act, 1969 claiming compensation for the loss suffered by it as a consequence of certain unfair and restrictive trade practices indulged in by the Punjab National Bank (hereinafter referred to as the respondent

(3.) THE applicant had dealings with the New Bank of India, Nehru Place Branch, New Delhi in relation to its business and was availing of bill purchase facility from it. Under this facility, the applicant was presenting its bills to the said Bank, which would purchase the same. THE said Bank upon confirmation of the date of payment by the foreign buyers would realise payment from them and in the event of non -payment by a certain date would crystallize the bills into rupee liability on the 30th day from the notional due date, arrived at by adding the transit period, usance period and grace period to the date of purchase at the applicable selling rate of exchange ruling on the date of crystallisation.