MMTC LTD vs STERLITE INDS. (I) LTD

The Supreme Court addressed the validity of an arbitration agreement made prior to the commencement of The Arbitration and Conciliation Act, 1996, specifically examining Clause VII of the agreement dated December 14, 1993. The Court held that despite the agreement providing for an even number of arbitrators, it remains valid under Section 10(1) of the New Act, which does not invalidate such agreements. The Court affirmed the Bombay High Court's decision to appoint an arbitrator, emphasizing that the arbitration clause was indeed applicable and enforceable under the new legislative framework.