In International Commercial Arbitration between an Indian and Foreign entity, when an arbitral award amount is rendered in foreign currency, the Award debtor, who belongs to a country of another origin, for example, India, is required to convert foreign currency into its domestic currency, in accordance with the prevailing foreign exchange rate, in order to… Continue reading Determination of date for conversion of arbitral award expressed in Foreign Currency into Indian Currency
Tag: Renusagar
Grounds of Challenge Under Section 34 | Arbitration
The Arbitration and Conciliation Act, 1996 [“the Act”] was enacted to provide speedy resolution of disputes to the parties with the objective of minimum judicial intervention, also enshrined in Section 5 of the Act, so as to make arbitration a more alluring alternative dispute resolution mechanism. Keeping the aforesaid objective in sight, various amendments have… Continue reading Grounds of Challenge Under Section 34 | Arbitration