https://www.taxtmi.com/caselaws?id=196994 A substituted arrangement can extinguish an earlier sale contract where the parties create new rights and obligations, acknowledge an ascertained liability, and secure payment through instalments and additional security; in that event, the original contract is treated as novated and accorded satisfaction, so its arbitration clause does not survive. Participation in the suit by filing a reply to an injunction application, seeking adjournment, and moving to set aside an ex parte injunction constitutes taking steps in the proceedings, which bars a stay of suit under the Arbitration Act, 1940. en-us Thu, 22 Nov 1973 00:00:00 +0530 Wed, 20 Dec 2017 18:23:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196994 A substituted arrangement can extinguish an earlier sale contract where the parties create new rights and obligations, acknowledge an ascertained liability, and secure payment through instalments and additional security; in that event, the original contract is treated as novated and accorded satisfaction, so its arbitration clause does not survive. Participation in the suit by filing a reply to an injunction application, seeking adjournment, and moving to set aside an ex parte injunction constitutes taking steps in the proceedings, which bars a stay of suit under the Arbitration Act, 1940. Case-Laws Companies Law Thu, 22 Nov 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196994