M/S.Philips Medi. Systems(Cleveland) ... vs M/S.Indian Mri Dia. & Res. Ltd. & Ors

The Supreme Court addressed the appeals against the Monopolies and Restrictive Trade Practices Commission's order regarding the sale of a CT Scanner. The Court held that the First Offer made by the appellant lapsed due to the respondent's failure to accept it or open a Letter of Credit within the stipulated 90 days, as required under the terms of the offer. The Court emphasized that the appellant's obligation to obtain an export license was contingent upon the respondent providing an import license, which was not fulfilled, thus validating the lapse of the offer.