VISA INTERNATIONAL LTD. versus CONTINENTAL RESOURCES (USA) LTD.

VISA INTERNATIONAL LTD. versus CONTINENTAL RESOURCES (USA) LTD.

A valid arbitration agreement exists under Clause VI of the agreement as parties intended disputes not settled amicably to be referred to arbitration under the Arbitration and Conciliation Act, 1996, and there is a live issue between the parties; hence an arbitrator should be appointed.

Parties
Applicant: VISA INTERNATIONAL LTD.; Respondent: CONTINENTAL RESOURCES (USA) LTD.
Jurisdiction
India
Judgment Date
02 December 2008
Procedural Posture
Arbitration Petition / Application for Appointment of Arbitrator Under the Arbitration and Conciliation Act, 1996
Outcome
Application allowed
Legal Topics
Arbitration Agreement, Appointment of Arbitrator, International Commercial Arbitration, Amicable Settlement, Limitation of Claims
Arbitration Law Arbitration Agreement Appointment of Arbitrator International Commercial Arbitration Amicable Settlement Limitation of Claims

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Parties

VISA INTERNATIONAL LTD.

Applicant

CONTINENTAL RESOURCES (USA) LTD.

Respondent

Procedural Posture

Arbitration Petition / Application for Appointment of Arbitrator Under the Arbitration and Conciliation Act, 1996

Legal Issues

  1. 1 Whether there exists a valid arbitration agreement between the parties
  2. 2 Whether there exists a live claim between the parties

Ratio Decidendi

A valid arbitration agreement exists under Clause VI of the agreement as parties intended disputes not settled amicably to be referred to arbitration under the Arbitration and Conciliation Act, 1996, and there is a live issue between the parties; hence an arbitrator should be appointed.

Court Disposition

Application allowed

Orders

  • Hon'ble Shri Justice Dr. AS. Anand, former Chief Justice of India, is appointed as the sole Arbitrator to decide the disputes between the parties arising out of the agreement.
  • The sole Arbitrator shall be at liberty to fix his fee.