Himanshu Singh, LLM, School of Law, Christ (Deemed to be University), Bengaluru
ABSTRACT
International commercial arbitration means a lawful relationship which is considered commercial, where both of the parties or either of the parties is a resident or foreigner or is a body corporate outside India. Therefore, under Indian law, an arbitration with seat in India, however including a foreign element like foreign parties or foreign transactions will also be considered as an ICA. Where arbitration is held outside India, part I shall not be applicable but parties shall be held liable within part II of the arbitration and conciliation act, 1996. Commercial arbitration is a way for parties to not get into the complicated methods of the courts. It helps parties deal with the issue the way parties chose it previously. The entire method of arbitration spins around the arbitration agreement entered by the parties. This paper shall attempt to study about the concept of International Commercial Arbitration and its applicability in India.
The rapid development of globalization, liberalization and evolution in International Commercial connections, it is progressively relevant to have an adaptable and speedy technique for settling disputes. This is usually the favoured method, wherein parties agree to present the case to an impartial third party of their choice. Section 2(1)(f) of the Arbitration and Conciliation Act, 1996, characterizes an International Commercial Arbitration as one relating to matter in dispute emerging out of legal relations, regardless of whether legal binding or not, considered as commercial under the laws of India and where either of the parties is- (i) A person who is national of, routinely resident in, any nation other than India; or (ii) A body corporate which is consolidated in any nation other than India; (iii) An organization or an association or a group of people whose main administration is in any nation other than India; (iv) The government of a foreign nation, as developed in case of TDM Infrastructure Pvt Ltd v UE Development India Pvt ltd. The aim of this paper is to study the enforcement of foreign arbitral awards in India.
Keywords: arbitration, conciliation, commercial, arbitration agreement, foreign transactions.
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