- Iti Singh
In this Research Paper, having divided it twofold, I have briefly touched upon the emergence of International Arbitration in India, then quartered into interim reliefs granted by the Courts to ensure natural justice, the internal remonstrance encountered as well as created – either by judicial intervention in granting Interim measures or the limited powers bestowed upon Arbitral tribunals for granting the same. I have further elucidated my opinion on the stumbling blocks and impediments that had gridlocked India from becoming a destination for International Arbitration in Part I.
In Part II, I have ultimately proceeded to confabulate the table turning landmark judgment of Supreme Court in the BALCO case, overruling the judgment of Bhatia International v. Bulk trading putting a prerequisite brick wall to judicial intervention in India. This part of my research paper will consider the advantages of henceforth holding Arbitration in India benefiting foreign investors largely.
In Part III, I have consummated my Research Paper by succinctly discussing the future of Arbitration in India post the BALCO case changing the face of Arbitration in India.
Part I: International Arbitration and Interim Reliefs provided in India:
Arbitration, as defined by McIlwraith, is a process by which parties agree to the binding resolution of their disputes by adjudicators, known as arbitrators, who are selected by the parties, ei...
... middle of paper ...
... courts to apply for interim relief, and arbitrating outside India but having no such access.
This progressive gradation post 2012, should willingly prompt business opportunities in India and alliances with Indian parties to opt for an international commercial arbitration with a seat outside India or even chose India as the seat of arbitration, if they wish to avail of the protection of interim measures against the parties whose assets are situated in India. The judgment is a significant leap towards establishing India as an arbitration-friendly jurisdiction only if India could address the loopholes in provisions of interim reliefs, grievances regarding cost effectiveness and timely resolutions in the arbitration proceedings, then she will in the not too distant a future, be in the position to insist that Arbitration proceedings must take place in its homeland.
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