The corridor of uncertainty diminishes following another pro international arbitration judgment from the Indian Supreme Court
For international parties who have contracted with Indian counterparties and agreed to refer disputes to international arbitration, a critical issue is the degree to which the Indian courts have jurisdiction to review and set aside awards.
In the landmark decision of Reliance Industries Limited & Anr v Union of India handed down on 28 May 2014, the Indian Supreme Court has confirmed that the Indian courts do not have jurisdiction to set aside an arbitral award in circumstances where the parties have (i) agreed to refer disputes to arbitration with a seat in London and (ii) provided for English law to govern their arbitration agreement. Rather, any application to set aside an award in this case should be made to the English courts.
International investors who have entered into an arbitration agreement with an Indian counterparty before 6 September 2012, which does not expressly exclude Part I of the Indian Arbitration and Conciliation Act 1996 Act, are likely to be interested in this judgment. We explain briefly why below…
Click on the link below to read the rest of the Allen & Overy briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
Why register to The Lawyer
More relevant to you
News from The Lawyer
Analysis from The Lawyer
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all
At the time of its launch Accutrainee was described as a revolutionary change to the training model. Has it proved to be so? Not really.