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TMI Blog2024 (11) TMI 465X X X X Extracts X X X X X X X X Extracts X X X X ..... ized distinction between these two classes of assignments. As a rule, obligations under a contract cannot be assigned except with the consent of the promisee, and when such consent is given, it is really a novation resulting in substitution of liabilities. On the other hand, the rights under a contract are assignable unless the contract is personal in its nature, or the rights are incapable of assignment either under the law or under an agreement between the parties. Since at the stage of consideration of a prayer under Section 11(6) of the 1996 Act the Court has to confine itself to the examination of the existence of an arbitration agreement (vide sub-section (6-A) of Section 11), it would not be appropriate to delve deep into the issue a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he respondents stems from Exclusive and Perpetual License Agreement License Agreement and Share Subscription and Shareholders Agreement. Share Subscription Agreement License agreement is between Cryobanks USA and Cryobanks India International Pvt. Ltd (now known as Cryoviva Biotech Pvt. Ltd. Respondent No.1 herein). The same contains an arbitration clause in Section 7. Whereas Share Subscription Agreement is between RJ Corp (respondent no.2 herein) acting on behalf of itself and its shareholders, namely, Devyani Enterprises Pvt. Ltd.- respondent no.3, Devyani Overseas Private Ltd. respondent no.4, RK Jaipuria Sons (HUF) respondent no.5, Dhara Jaipuria respondent no.6; Cryobank USA; and Cryobanks India International Pvt Ltd (now Cryoviva Bio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yobank USA but, in absence of respondents consent, has not stepped into the shoes of Cryobank USA. 8. On the other hand, the petitioner has referred to several documents/correspondences to canvass that the respondent has accepted the petitioner as having stepped into the shoes of Cryobank USA. Petitioner has also annexed certificate to indicate that rights under all existing contracts including intellectual property rights of Cryobank USA were purchased by the petitioner in auction sale. 9. In Khardah Company Ltd. v. Raymon Co (India) Pvt. Ltd., AIR 1962 SC 1810 it was held that an assignment of a contract might result by transfer either of the rights or of the obligations thereunder. But there is a well-recognized distinction between these ..... X X X X Extracts X X X X X X X X Extracts X X X X
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