Chatterjee Petrochem(I) Pvt.Ltd vs Haldia Petrochemicals Ltd.& Ors

The Supreme Court addressed the enforceability of a Joint Venture Agreement (JVA) under the Specific Relief Act, 1963, emphasizing that parties are entitled to seek specific performance of the agreement's terms if they hold the requisite share percentage. The Court held that the terms of the JVA, including the shareholding provisions and the role of the Government, were binding and enforceable, thereby upholding the rights of the parties involved in the joint venture. The judgment clarified the legal standing of agreements in joint ventures and the implications of disinvestment clauses.