The main object of the provisions regarding "Foreign Awards" (Parts II of the Arbitration and Conciliation Act, 1996 is to facilitate International Trade and Commerce.
Enforceability: The goal is to ensure that a decree obtained in one country is not a "mere scrap of paper" in another. It allows a business to enforce an award against the assets of a party located in India.
Reciprocity: It is based on international treaties (New York and Geneva Conventions) to ensure that if India respects foreign awards, other countries will respect Indian awards.
Finality: It limits the grounds on which an Indian court can refuse to enforce a foreign decision, thereby providing security to international investors.
No comments:
Post a Comment