https://www.taxtmi.com/caselaws?id=179341 An arbitration clause cannot operate where the underlying agreement is alleged to be void ab initio or illegal; in such a case, the validity of the contract goes to the foundation of the reference and is for the court, not the arbitrators. Participation in the arbitration does not create estoppel where jurisdiction is lacking from the outset. On the statutory issue, the contract was treated as a non-transferable specific delivery contract, judged from its terms and surrounding commercial arrangements, and therefore fell outside the prohibition in the Forward Contracts (Regulation) framework and the relevant notification. en-us Fri, 04 May 1962 00:00:00 +0530 Fri, 26 Feb 2016 16:58:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179341 An arbitration clause cannot operate where the underlying agreement is alleged to be void ab initio or illegal; in such a case, the validity of the contract goes to the foundation of the reference and is for the court, not the arbitrators. Participation in the arbitration does not create estoppel where jurisdiction is lacking from the outset. On the statutory issue, the contract was treated as a non-transferable specific delivery contract, judged from its terms and surrounding commercial arrangements, and therefore fell outside the prohibition in the Forward Contracts (Regulation) framework and the relevant notification. Case-Laws Indian Laws Fri, 04 May 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179341