Novation

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....n, and alteration of Contract- If the parties to a contract agree to substitute a new contract for it, or to rescind or alter it, the original contract need not be performed. one of 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....

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....one. Blyther vs. Pentagon federal credit union, d.c.mun. App. 182 A.2d 892, 894". Sasan Power Limited Versus North American Coal Corporation India Private Limited - 2016 (8) TMI 1508 - SUPREME COURT Para 22. In law, novation means- there being a contract in existence, some new contract is substituted for it, either between the same parties (for that might be) or between different parties, the c....