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Novation
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....the essential requirements of novation as contemplated under Section 62 is that there should be complete substitution of a new contract in place of the old, it is in that situation that the original contract need not be performed. As per Black's Law Dictionary, Sixth Addition at page 1064 defines novation thus "Novation- A type of substituted contract that has the....
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.... Company Ltd.) Versus Mr. V. Venkatachalam, RP, M/S Ksk Water Infrastructures Pvt. Ltd. & Ors. - [2022 (4) TMI 432 NCLAT, Chennai Bench] Sasan Power Limited Versus North American Coal Corporation India Private Limited - [2016 (8) TMI 1508 - SUPREME COURT] In law, novation means- there being a contract in existence, some new contract is substituted for it, either between the same ....