Enforceability of Foreign Awards in India: Issues and Challenges
Chanakya National Law University, Patna, India
Volume III – Issue IV, 2020
Arbitration and Conciliation Act, 1996 (hereinafter referred as “Act”) governs the enforcement of foreign arbitration awards through Geneva and New York Convention. Recent years remark an expansion in the international trade which necessitates speedier mechanism of dispute resolution mechanism for dispute arising out of international contracts. However, it is still a complicated and time-consuming process to enforce an award in one country which is announced in any other country.
This paper deals with the position of India. It explores the meaning of Foreign Awards as prescribed under the Act and various laws relating with the enforcement of Foreign Awards in India. It further discusses the role of Indian judiciary in enforcement of Foreign Awards through landmark judgments.
Even after enactment of various laws in this regard enforcement of Foreign Arbitral Awards is still problematic. So, this paper describes various problems which make it quite difficult to execute foreign awards in India. Further it depicts the impact of Public Policy on Foreign awards and the lastly it concludes with the suggestions as a way forward to strengthen the ADR mechanism in general and to overcome the difficulties faced so far in enforcement of foreign awards in particular.