The Saga Continues: Unstamped And Insufficiently Stamped Documents

The Saga Continues: Unstamped And Insufficiently Stamped Documents

• The Supreme Court delivered its judgment in the matter of NN Global Mercantile Ltd v. Indo Unique Flame Ltd & Ors¹ (NN Global) that an unstamped or insufficiently stamped agreement would not be enforceable till the time it is 'validated' and further went on to hold that the unstamped or insufficiently stamped agreement does not 'exist in law' up until it has been stamped.²
• While the Apex Court attempted to harmonize the Arbitration and Conciliation Act 1996 (Arbitration Act), the Code of Civil Procedure 1908 (CPC), and the Indian Evidence Act 1872 (Evidence Act) with the Indian Stamp Act, 1899 (Stamp Act) it did not consider that the CPC and the Evidence Act do not apply strictly to the Arbitration Act. The question on applicability of the judgment i.e., whether the same would apply retrospectively or prospectively was left in ambiguity.