CHATTERJEE PETROCHEM(I) PVT.LTD. vs HALDIA PETROCHEMICALS LTD..

The Supreme Court examined the Joint Venture Agreement (JVA) between M/s. Haldia Petrochemicals Ltd., WBIDC, and CP(M)C, emphasizing the enforceability of specific performance under the Specific Relief Act, 1963. The Court held that the terms of the JVA, including shareholding provisions and investment commitments, were binding and could be specifically enforced, affirming the rights of the parties involved. The judgment clarified that the agreement remains valid as long as the parties maintain their respective shareholding percentages, thereby upholding the contractual obligations outlined in the JVA.