NATIONAL AGRICULTURAL COOP MKTG.FED.I.L. vs GAINS TRADING LTD.

The Supreme Court, while adjudicating a petition under Section 11(5) of the Arbitration and Conciliation Act, 1996, held that the arbitration agreement in the contract dated 28.2.2005 was valid and enforceable despite the respondent's claims of contract cancellation and jurisdictional objections. The Court emphasized that the arbitration clause must be honored unless explicitly invalidated, and thus appointed a sole arbitrator to resolve the disputes arising from the agreement. The Court clarified that the place of arbitration being outside India does not negate the applicability of the Arbitration and Conciliation Act, 1996 for the appointment of an arbitrator.