Skip to main content

SC: Third Arbitrator in Global Dispute must be from Neutral Nation

By

The Supreme Court has said the third arbitrator in any international rift involving a foreign company should always be from a neutral country for a sense of fairness and to promote India as an arbitration hub. A bench led by Chief Justice of India JS Khehar made this observation on Wednesday during a hearing in a case involving IIRF Realty XVI and Aria Hotels and Consultancy Services Pvt.

The CJI said both parties should agree on some names to act as the third arbitrator, failing which the court would appoint an arbitrator. “We have always appointed neutral arbitrators,“ said Khehar, sitting alongside Justices DY Chandrachud and Sanjay Kishan Kaul.

The observations may have ramifications for several cases that have been held up because both sides could not agree on a neutral third arbitrator.

One such case involves Reliance Industries' row with the government of India on the KG-D6 basin, which has been held up, with RIL insisting that the third arbitrator be experienced in Indian law.

13TH APRIL,2017,THE ECONOMIC TIMES,NEW-DELHI

Comments

Post a Comment

Popular posts from this blog

Data storage norm splits digital payments industry

By
Data storage norm splits digital payments industry  India’s nascent digital payment industry could be thrown into disarray due to the demand by the Reserve Bank of India (RBI) that all user data be stored within the country, fears an industry grouping, which has termed the decision as “heavy-handed”, even as others, including the country’s largest digital payment provider Paytm, have hailed the move.  In a bid to narrow the growing schism, the industry is planning to send a formal representation to the regulator highlighting its concerns, a top official told ET.  “We are trying to build a consensus on the issue," said the person adding that the representation to the central bank will be ready this week.  RBI on April 6, mandated all payment companies—global and local—to set up data storage facilities within India by October. The stringent six-month deadline has attracted the ire of several sections of the industry that fear it will lead to a disruption of wel...
18 comments
Read more

Offer’s for all of you

By
Great Bumper Dhamaka Offer’s for all of you... It's Time to see your Business Online, WebeCreator Offer Website Designing with domain & Email @ nominal charges. For a year For More information visit us http://goo.gl/KlpppF call on 9890151261/9773197533  drop a mail to sales@webecreator.com
Post a Comment
Read more

Sebi to finalise options in commodities today

By
The Commodity Derivatives Advisory Committee of the Securities and Exchange Board of India ( Sebi) will meet on Friday with senior officials of the latter, to give a final shape to the rules on options trading in commodity futures, beside revising the warehousing norms to ensure good delivery on settlement. The decision taken, after discussing with the advisory committee, will be placed before the regulator’s board, to finalise the regulations. According to knowledgeable sources, three commodities in each segment, agricultural and non- agricultural, have been proposed for introducing options. It appears commodities from the soya and guar segments are preferred in the former. From the non- agri segment, it is likely that gold, silver and crude oil will be finalised. All these These have better liquidity and both the National Commodity and Derivatives Exchange and the Multi Commodity Exchange, respectively, will be able to introduce the options. In the equity segments, options ar...
17 comments
Read more