Vanya Verma and Aditya Patel ,
The Critical Analysis of Enforcement of Foreign Arbitral Awards: A Legal Study,
4 (3) IJLMH Page 3559 - 3573 (2021), DOI: https://doij.org/10.10000/IJLMH.11867
Effective enforcement of an arbitration award is the prime indicator for the success of any arbitral process. In India, Part II of the Indian Arbitration and Conciliation Act of 1996 provides the law Governing the enforcement of foreign awards in India. The said Act was enacted by the government of India in the year 1996 to bring the Indian Arbitration Act in line with the UNCITRAL model law on arbitration. This research paper aims to briefly describe the final settled position of law relating to the enforcement of foreign arbitration awards in India.
A jurisdiction’s credibility as an arbitration-friendly nation primarily relies on the efficiency and efficacy of its award enforcement regime. This article examines the award enforcement regime in India, and therefore, all the awards that are made in countries that are not notified by the central government of India cannot be considered as foreign arbitral awards that are falling within the definition provided under the act. The act defines foreign awards as awards that are made on differences between parties to a well-defined legal relationship that is considered to be commercial in nature under Indian law. It may be noted that part II of the Arbitration Act provides only for the process of enforcement of foreign arbitral awards and does not stipulate any process for the setting aside of the foreign award or the passing of any interim measure in respect of foreign award. This paper will further try to highlight the judicial consistency in the enforcement of the foreign arbitral award with the help of leading case laws. This paper will provide suggestions that should be implemented in the legislature for better enforcement of foreign awards.
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