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Section 62 in The Indian Contract Act, 1872 62. Effect of novation, rescission, and alteration of contract.— If the parties to a contract agree

companies). “15. … The Assignment agreement was signed in India. Hence, NACC US novated the Association Agreement in favour of the Defendant. The Defendant stepped ... Agreement or between the Plaintiff and the Defendant.”14 22. In law, novation means- “… there being a contract in existence, some new contract is substituted

Johnson Matthey Chemicals [I] P.Ltd., ... vs Addl Cit, on 12 December, 2017 आयकर अपीऱीय

Ksl & Industries Ltd vs National Textiles Corporation Ltd on 14 August, 2012 Author: Vipin

respondent Nos. 2 & 3 that the legal principle regarding the novation of a contract which states that an arbitration clause in an agreement cannot ... survive if the agreement containing the arbitration clause has been superseded/novated by ARB. PET. 4/2020 Page 17/56 a later agreement is applicable

which superseded the aforesaid MoU and novated the same in view of clause 28.2 thereof. Therefore, they denied that there was any arbitration clause between ... decide the issue of validity of the Agreement, including the plea of novation of MoU.” 15 After referring to both

rights and obligations between the parties. In other words, there has been novation of the principal agreement. The supplemental agreement does not contain any arbitration ... parties to arbitration, in view of the fact that there is novation of the principal agreement by the supplemental agreement and that the supplemental agreement

relation to coal mining operations and the same shall constitute a novation for the residual term or residual performance of such contract: Provided that

Section 5 in The Apprentices Act, 1961 5. Novation of contract of apprenticeship.— Where an employer with whom a contract of apprenticeship has been entered

Section 62 of the Indian Contract Act, 1872 deals with effect of novation, rescission and alteration of contract, which reads as follows:- "62. Effect ... novation, rescission, and alteration of contract.--If the parties to a contract agree to substitute a new contract for it, or to rescind or alter