M/S.PHILIPS MEDI. SYSTEMS(CLEVELAND) INC vs M/S.INDIAN MRI DIA. & RES. LTD. .

The Supreme Court addressed the appeals against the Monopolies and Restrictive Trade Practices Commission's order regarding a failed contract for 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 without the necessary import license from the Indian Government, the appellant could not apply for the export license, thus affirming the Commission's decision.