SC Says Foreign Arbitration Award in Favour of Vedanta Not Against Indian Public Policy
4 years, 3 months ago

SC Says Foreign Arbitration Award in Favour of Vedanta Not Against Indian Public Policy

News 18  

In a major setback to the Centre, the Supreme Court on Wednesday said the requirement of procedural fairness constitutes a fundamental basis for the integrity of the arbitral process, as it upheld a foreign arbitration award in favour of Vedanta and Videocon. The government had argued that under the Indian law, a foreign arbitration award can be challenged if it was against public policy. The award is not contrary to the fundamental policy of Indian law, or in conflict with the notions of justice.” The apex court concluded that the enforcement of the foreign award does not contravene the public policy of India, nor is it contrary to the basic notions of justice. Cairn India and Videocon were allowed to recover $198 million as per the contract, and in July 2014, the Malaysian Court of Appeals upheld the arbitral award allowing additional recoveries to Vedanta.

India Policy Court Public Policy Indian Award Vedanta Videocon Foreign Arbitration Award  favour  vedanta  arbitration  bench  videocon  notions  arbitral  award  public  sc  foreign  indian  policy  court

History of this topic

Enforcement Of Foreign Award Cannot Be Refused U/S 48 Of Arbitration Act Unless It Is Against Public Policy: Chhattisgarh HC
1 month, 1 week ago

Enforcement Of Foreign Award Cannot Be Refused U/S 48 Of Arbitration Act Unless It Is Against Public Policy: Chhattisgarh HC

Live Law  

The Chhattisgarh High Court bench of Justice Deepak Kumar Tiwari has held that enforcement of a foreign award cannot be refused under section 48 of the Arbitration Act unless it is shown that the award is against the public policy of India. Since the property of the respondent/judgment-debtor is located in the territory of the State of Chhattisgarh, both these …

Enforcement Of Foreign Award Must Be Refused Only Rarely, International Standards To Be Applied To Determine Bias : Supreme Court
8 months, 3 weeks ago

Enforcement Of Foreign Award Must Be Refused Only Rarely, International Standards To Be Applied To Determine Bias : Supreme Court

Live Law  

In a crucial judgment, while allowing the enforcement of a foreign arbitral award, the Supreme Court, held that to determine the factor of arbitral bias, Court must endeavour to follow international standards than domestic ones. It is only in exceptional circumstances that enforcement should be refused on the ground of bias" "This sort of challenge where arbitral bias is raised …

Vedanta wins arbitration against government in $1.1-billion cost disallowance case
1 year, 3 months ago

Vedanta wins arbitration against government in $1.1-billion cost disallowance case

The Hindu  

Mining magnate Anil Agarwal's Vedanta Ltd has won an arbitration against a demand for a higher payout from its prolific Rajasthan oil and gas fields after disallowance of ₹9,545 crore in certain costs incurred, the company said. "The company has received an arbitration award dated August 23, 2023. upholding the contention of the company that additional profit petroleum, on account …

India’s poor compliance with investment awards
2 years, 11 months ago

India’s poor compliance with investment awards

Hindustan Times  

The roller-coaster ride of the interminable Devas saga continues. Yet, India continued to brazen it out — launching an investigation against Devas, leading to an order to liquidate the company by the National Company Law Tribunal, and refusing to comply with the BIT awards. The disputes that India lost include cases brought by leading global corporations such as Vodafone, Deutsche …

Cairn versus India: What lies ahead
3 years, 5 months ago

Cairn versus India: What lies ahead

Live Mint  

Cairn Energy Plc has secured a French court order to freeze Indian assets in France after India challenged an award of over $1.2 billion to Cairn. Cairn began international arbitration in 2015 and won $1.2 billion in damages plus interest and costs last year, totalling more than $1.7 billion. In May 2018, ConocoPhillips got court orders to seize Venezuela’s state …

India filing appeal against Cairn arbitration award, say sources
3 years, 9 months ago

India filing appeal against Cairn arbitration award, say sources

The Hindu  

India is in the process of filing an appeal against an arbitration panel ruling asking it to return $1.2 billion to British oil firm Cairn Energy Plc, sources said on Wednesday. India is in the process of filing an appeal in the Cairn arbitration award case, they said, adding it was well within India’s sovereign powers to redress the situation …

India will file appeal in Cairn arbitration case
3 years, 9 months ago

India will file appeal in Cairn arbitration case

Live Mint  

India will file an appeal in the Cairn arbitration award case relating to the tax dispute concerning the British oil firm, sources said. They said Cairn Energy set up "a tax abusive structure" and did not pay taxes anywhere in the world on the gains that it made in India. However, India is open for a constructive settlement of tax …

US, UK and 3 Other Courts Confirm $1.4 Bn Arbitration Award Against India
3 years, 9 months ago

US, UK and 3 Other Courts Confirm $1.4 Bn Arbitration Award Against India

News 18  

Courts in five countries including the US and the UK have given recognition to an arbitration award that asked India to return USD 1.4 billion to Cairn Energy plc – a step that now opens the possibility of the British firm seizing Indian assets in those countries if New Delhi does not pay, sources said. Cairn Energy had moved courts …

Despite arbitration tug of war, mutual settlement is key
3 years, 9 months ago

Despite arbitration tug of war, mutual settlement is key

The Hindu  

For the Indian foreign direct investment landscape, the year 2020 may have been a welcome bag of enhanced equity inflows, bold policy changes and billion-dollar milestones. However, international decisions against Government of India in the cases of Cairn Energy and Vodafone in the final quarter of 2020, and the decision by India to appeal against these awards, have served to …

Cairn Energy threatens to seize Indian assets abroad in tax case
3 years, 10 months ago

Cairn Energy threatens to seize Indian assets abroad in tax case

India Today  

Cairn Energy has begun to take steps to identify Indian assets overseas against which it can enforce the $1.2 billion award it won last month in a treaty arbitration case against the South Asian nation, according to a letter seen by Reuters. Read | Setback for India as govt loses retrospective tax dispute case against energy giant Cairn A copy …

Discover Related