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Supreme Court Arbitration Clauses In Unstamped Agreements Enforceable : Supreme Court 7-Judge Bench Overrules NN Global Decision Case Title: In Re Interplay Between Arbitration Agreements.
In a sense, 2024 will see Chief Justice of India DY Chandrachud commence his second innings in his two-year-term. Much like the keenly awaited same sex marriage and Article 370 verdicts this year, 2024 will see SC benches pronounce their rulings on electoral bonds, sedition and money bills
The verdict, having significant and far-reaching consequences in corporate and other agreements containing arbitration clauses to resolve disputes between contracting parties, overrules a five-judge bench judgment rendered in April this year
The Constitution Bench held that non-stamping or insufficient stamping of an agreement is a curable defect under Indian Stamp Act, 1899. It added that to obligate courts to determine the issue of stamping of arbitration agreement at the pre-referral stage will defeat the objectives of the Arbitration and Conciliation Act, 1996. Supreme Court Overrules Verdict Holding Unstamped Agreements Unenforceable and Invalid.