#joint venture

The Supreme Court held that arbitration clauses in a Joint Venture Agreement and Memorandum of Understanding remain operative despite a separate Licence Agreement, affirming the doctrine of independent arbitration agreements. It clarified Section 11(6-A) of the Arbitration and Conciliation Act, 1996 and appointed the former Chief Justice of the Bombay High Court as the sole arbitrator, impacting parties to intertwined commercial contracts.

NCLAT clarifies that a joint venture partner can initiate insolvency proceedings under Section 9 IBC if its supply obligations are governed by a separate agreement, independent of profit-sharing arrangements. This ruling expands the scope of operational creditors, impacting joint venture contracts and insolvency filings.