ASSIGNMENT

Please find Case Laws, of any jurisdiction and forum, where it has been held that:

1. Tenders are issued for Price Discovery.

AND/OR

2. The process of Competitive Bidding, in a tender, leads to Price Discovery.

S. No. CASE NAME & JURISDICTION RELEVANT EXTRACT

CITATION
1. Natural Resources India 147. Finally, market price, in economics, is
Allocation, In re, an index of the value that a market prescribes
Special Reference No. to a good. However, this valuation is a
1 of 2012, (2012) 10 function of several dynamic variables: it is a
SCC 1] science and not a law. Auction is just one of
the several price discovery mechanisms.
Since multiple variables are involved in such
valuations, auction or any other form of
competitive bidding, cannot constitute even
an economic mandate, much less a
constitutional mandate.
2. Delhi Jal Board v. India 118. To appreciate this issue in its
Grasim Industries Ltd. perspective, Commission deems it
[2018] 89 appropriate to highlight the importance of
taxmann.com 449 competition in the public procurement
(CCI) process. It may be noted that public
procurement is a process through which the
public authorities acquire resources from
outside suppliers either for its own
consumption or for other purposes.
Competitive bids are solicited from
qualified suppliers from all over the
country as well as from outside to get the
best value and price for the work/services,
which the suppliers can offer. The supplier
with the best deal i.e. offer that meet the
requirements of the tender at the lowest or
 economical rate, is generally awarded the
tender. Thus, it is clear that competition in
a bidding process is an important aspect.
119. It is also important to understand that
competition is the driving force behind an
efficient market, for it promotes productivity,
innovation, growth and consumer welfare. It
is requisite for a well-functioning market
system which will ultimately benefit the
consumers as well as the economy of the
nation. Competition in the market ensures
that pressure is exerted on the market players,
which in turn leads to efficient allocation of
the resources where it is most needed and
where it can be used effectively. Similarly, in
a competitive bidding in public procurement,
suppliers are given equal opportunity to
compete and offers the best options/resources
that are available in the market with them.
This is to ensure the procurer value for
money with quality services. Therefore, it is
axiomatic that competition amongst the
market players has a crucial role in bringing
about efficiency, profitability and
sustainability in the market.

Please submit the assignment by 11:00 a.m. on 19.07.22 (Tuesday)