The Supreme Court on Friday said that a 7-judge Constitution Bench will commence hearing from next week on a curative petition against its decision laying down that non-stamping or insufficient stamping of an arbitration agreement will make it invalid.
“Next week we are taking curative in that arbitration matter,” informed CJI D.Y. Chandrachud to the members of the bar earlier in the day.
As per the details available on the website of the apex court, the matter is likely to be taken up for hearing on October 11, Wednesday.
Recently in the last week of September, a 5-judge bench headed by CJI Chandrachud agreed to refer the issue to a 7-judge bench having regard to the larger ramifications of the decision rendered in the case of NN Global Mercantile Pvt Ltd vs. Indo Unique Flame Ltd & Ors.
In that case, a five-judge Constitution Bench in April this year laid down by a ratio of 3:2 that non-stamped or insufficiently-stamped arbitration agreements are not enforceable in the eyes of law.