Visa International Ltd vs Continental Resources (Usa)Ltd

The Supreme Court, while adjudicating an application under Section 11(5) and (9) of the Arbitration and Conciliation Act, 1996, held that the arbitration clause in the agreement dated 15.2.2005 between the applicant and the respondent is valid and enforceable. The Court emphasized that the parties had mutually agreed to the terms of the Memorandum of Understanding and the subsequent agreement, which included provisions for arbitration. The Court appointed an arbitrator to resolve the disputes arising from the agreement, thereby upholding the principle of party autonomy in arbitration.