M/S. VEDANTA LIMITED (FORMERLY KNOWN AS SESA STERLITE LIMITED AND SUCCESSOR IN INTEREST OF ERSTWHILE vs M/S EMIRATES TRADING AGENCY LLC

The Supreme Court held that the agreement dated 26.10.2007 between M/s. Vedanta Limited and M/s. Emirates Trading Agency LLC did not constitute a concluded contract due to the absence of a signed and stamped final agreement. The Court emphasized that mere correspondence and draft proposals do not establish a binding contract without proper acceptance. The appeal was allowed, overturning the lower courts' findings that had presumed a concluded contract based on the correspondence exchanged between the parties.