As per case facts, the respondents entered into three contracts with the appellant, each containing an arbitration clause. Disputes arose before full execution, leading to three new settlement contracts. The ... final settlement stated, "The contracts stand finally concluded... no party will have any further claim." Respondents defaulted on payments and hypothecation. The appellant initiated arbitration under the original contracts, leading to an award. Respondents challenged this, arguing the original arbitration clauses ceased to exist. The High Court agreed that the third original contract's arbitration clause was no longer valid, nullifying the award. The question arose whether an arbitration clause in a contract survives when that contract is superseded by a fresh one. Finally, the Supreme Court, by majority, held that the third settlement was a valid substitute for the earlier contracts, obliterating them and their arbitration clauses, which perished with the original contracts.