Supreme Court of India
M/s. Meenakshi Solar Power Pvt. Ltd. v. M/s. Abhyudaya Green Economic Zones Pvt. Ltd. and Ors.
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What the Court ordered
In view of the aforesaid discussion, we find that High Court was not right in dismissing the petition under Section 11(6) of the Act of 1996 filed by the appellant herein by giving a finding on novation of the Share Purchase Agreement between the parties as the said aspect would have a bearing on the merits of the controversy between the p arties.
Judgment, page 11
From the headnote
Arbitration and Conciliation Act, 1996: s. 11(6) – Appointment of arbitrator – Novation of contract – Effect of – Appellant entered into a share purchase agreement (SPA) with responde nt No.1 as also respondent Nos. 2 and 3 (promoters of responde nt No.1) to buy the power project of respondent No.1 – Respondent Nos. 2 and 3 agreed to sell 100% ownership of respondent No. 1 and appellant agreed to purchase 100% Equity and Preference Share s of respondent no. 1 by taking over the loans of respondent No. 1 and paying the balance amount to sellers-respondent Nos . 2 and 3 – Thereafter, a
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