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Arbitration agreements valid even if unstamped, rules SC
Mint Mumbai
|December 14, 2023
Verdict reverses previous court order, aligns with India's move to turn an arbitration hub
A seven-judge Constitution bench of the Supreme Court (SC) on Wednesday ruled that arbitration agreeAments remain valid even if they were not stamped properly. The decision promises to simplify the resolution of many commercial disputes, and aligns with the government's goal to establish India as an arbitration hub.
The ruling overturns a five-judge decision in April, and follows the law ministry's move to initiate a review of the functioning of arbitration laws in the country.
The apex court clarified that agreements without proper stamping are not automatically void or unenforceable, but they simply couldn't be used as evidence.
It is a fixable problem, it added. Stamping refers to paying legally-required stamp duty on the agreement value.
Dit verhaal komt uit de December 14, 2023-editie van Mint Mumbai.
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