Shakuntal Prakash, LLB, Amity Law School, Amity University Noida
Trapti Varshney, Associate Professor, Amity Law School, Amity University Noida
ABSTRACT
The Competition (Amendment) Act of 2023 marks a significant milestone in the evolution of India's competition law, introducing the settlement and commitment mechanisms to the Competition Act of 2002. These mechanisms, operationalized through the Commitment Regulations, 2024, and Settlement Regulations, 2024, notified by the Competition Commission of India (CCI), aim to enhance the efficiency of enforcing competition law by allowing for an expedited resolution of disputes related to anti- competitive practices and abuse of dominant positions. This paper examines the legal framework established by these amendments and regulations, focusing on the procedural aspects, application timelines, fee structures, and the strategic shift towards a more collaborative resolution process. Drawing comparisons with similar mechanisms in jurisdictions such as the European Union and the United States, the study highlights the potential of these amendments to streamline the resolution process, reduce litigation costs, and align India's competition law enforcement with global practices. Furthermore, it explores the challenges and considerations inherent in the implementation of these mechanisms, such as the need for transparency, fairness, and the involvement of diverse stakeholders in the decision-making process. The paper concludes by emphasizing the transformative potential of the settlement and commitment mechanisms in fostering a competitive market environment, while also acknowledging the importance of ongoing refinement and adaptation to ensure their effectiveness and fairness in practice.
