VIKRAM OVERSEAS PVT LTD Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) Harmonious interpretation of Sec.3 and Sec.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 Sec.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 is a private limited Company engaged in the business of exports and is a Government recognised Trading House. The respondent is a nationalised Bank besides being the successor of the New Bank of India also a nationalised Bank. With effect from 4th September, 1993, the New Bank of India merged with the respondent namely the Punjab National Bank. The respondent took over the liabilities of the New Bank of India and is 'bound to honour all contracts' entered into by the New Bank of India.