The Supreme Court of India recently ruled that courts should not insist on the inclusion of technicalities such as the affixing of stamps, seals and originals in an arbitration agreement, as it would defy the spirit of the Arbitration and Conciliation Act, 1996, and the UN Commission on International Trade Law (UNCITRAL), on which it is based.
In an arbitration dispute between Great Offshore Ltd (Great Offshore) and Iranian Offshore Engineering & Construction Company (Iranian Offshore), Great Offshore filed a petition under section 11(5)(6)(9) and (12) of the act, seeking the appointment of a sole arbitrator based on an arbitration clause in the Charter Party Agreement (CPA) between the parties. The agreement related to the execution of an Oil and Natural Gas Corporation (ONGC) exploration project.
Iranian Offshore, however, contended that no contract was concluded between the parties since they hadn’t progressed beyond the stage of negotiation and especially since all correspondence was exchanged mainly by fax.
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The update of court judgments is compiled by Bhasin & Co, a corporate law firm based in New Delhi. The authors can be contacted at lbhasin@bhasinco.in or lbhasin@gmail.com. Readers should not act on the basis of this information without seeking professional legal advice.
