JUDGMENT

Banerjee, J.-Leave granted.

2. This appeal against the judgment of the High Court at Calcutta is addressed on two counts : The first involving the true purport of International Price Reimbursement Scheme (IPRS) as introduced by the Government of India and the second pertains to the doctrine of estoppel by conduct.

Background Facts :

3. By the Government Notification No. SC (A)-24 (113)/63 dated 29.2.1964 issued by the Department of Iron & Steel in the Ministry of Steel, Mines and Heavy Engineering, the Government of India to give effect to the proposal for fixation of steel prices for de-controlled categories, constituted the Joint Plant Committee consisting of representatives of all major producers of steel along with Government representative. It is the Joint Plant Committee (hereinafter referred to as JPC ) with whose concurrence, the main producers, being its members control the prices of similar categories of steel, though however, the same is restrictive in its application and is made applicable to supplies effected by the main steel producers only, viz. Tata Iron & Steel Co. Ltd., Indian Iron & Steel Co. Ltd. and Hindustan Steel Ltd. - (Presently Steel Authority of Ind