MODI & CO. vs UNION OF INDIA

The Supreme Court upheld the High Court's decision that the contract between the appellant and respondent was a non-transferable specific delivery contract under Section 2(f) of the Forward Contract (Regulation) Act, 1952. The Court found that the terms of the contract and surrounding circumstances implied that rights and liabilities were not transferable, thus validating the arbitration clause. The appeal was dismissed, affirming the legality of the contract and the arbitration proceedings initiated by the respondent.