(1) The Monopolies and Restrictive Trade Practices Act, 1969 (54 of 1969) is hereby repealed and the Monopolies and Restrictive Trade Practices Commission established under sub-section (1) of section 5 of the said Act (hereinafter referred to as the repealed Act) shall stand dissolved.
(2) On the dissolution of the Monopolies and Restrictive Trade Practices Commission—
- all cases pertaining to monopolistic trade practices or unfair trade practices referred to in clause (i) of sub-section (1) of section 36B of the repealed Act and pending before the Monopolies and Restrictive Trade Practices Commission on or before the commencement of this Act shall, on such commencement, stand transferred to the National Company Law Appellate Tribunal and the National Company Law Appellate Tribunal shall dispose of such cases in accordance with the provisions of the repealed Act as if that Act had not been repealed;
- all cases pertaining to restrictive trade practices pending before the Monopolies and Restrictive Trade Practices Commission on or before the commencement of this Act shall, on such commencement, stand transferred to the National Company Law Appellate Tribunal for adjudication and the National Company Law Appellate Tribunal may, if it thinks fit, deal with them in accordance with the provisions of the repealed Act;
- all investigations relating to unfair trade practices pending before the Director General of Investigation and Registration, on or before the commencement of this Act, shall, on such commencement, stand transferred to the National Company Law Appellate Tribunal and the National Company Law Appellate Tribunal may direct the Director General, Competition Commission of India to complete the investigation in accordance with the provisions of the repealed Act;
- all officers and other employees who have been, immediately before the dissolution of the Monopolies and Restrictive Trade Practices Commission, appointed on deputation basis to the Monopolies and Restrictive Trade Practices Commission, shall, on such dissolution, stand reverted to their parent cadre.
(3) The mention of particular matters in this section shall not be held to prejudice or affect the general application of section 6 of the General Clauses Act, 1897 (10 of 1897) with regard to the effect of repeal.