Abstract
The Competition Act 2002 sets out certain principles keeping in view the economic development of the country and repeals the MRTP Act 1969. In this context few theoretical issues are: What is the importance of competition law? Why the MRTP Act became obsolete? What type of new legislative scheme has been adopted under the Competition Act 2002? What is the role of the Competition Commission of India and Appellate Tribunal? Why extra-territorial jurisdiction is recognised under the 2002 Act? Is there any difference among monopoly, oligopoly and the competition? What are the approaches that have been applied in explaining competition law? Is there any particular approach applied in India? This Article is primarily devoted to aforementioned aspects.
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