India Seated International arbitrations have become faster than Singapore
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Infraline Energy organised Law- Assemble India Summit, (India’s first Legal Conference for the Energy Industry) on 27th and 28th of July 2016 in Hotel Shangri-La New Delhi. Mr S Ravi Shankar, International & Domestic Arbitration lawyer and Senior Partner of Law Senate law Firm was invited to Chair the event. While delivering his welcome address he highlighted the efforts of the Government in getting Foreign investment in the Energy Sector and further stated that 100% FDI in Energy sector has developed some enthusiasm among the foreign investors.
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India Seated International arbitrations have become faster than Singapore
- 1. The Impact Arbitration & Conciliation (Amendment) Act,2015 in Energy Disputes Infraline Energy-Law Assemle India Summit 27-28th July 2016 Hotel Shangri-La New Delhi Presented by S. Ravi Shankar, Arbitration lawyer & Senior Partner Law Senate Law Firm – New Delhi, Mumbai ravi@lawsenate.com www.lawsenate.com
- 2. International Energy Disputes in Asia Disputes often Occur from Long Term Energy Contracts Energy Disputes are expensive and Disrupt operations Common Energy Disputes include Very High unexpected fluctuation in Price Unexpectedly increased Costs Delays State intervention Environmental matters www.lawsenate.com
- 3. Arbitration seated in India Procedural law – Arbitration & Conciliation Act,1996 Similar to UNCITRAL Model law on arbitration India is a signatory to New York Convention on recognition & Enforcement of International Arbitral awards 1948 India has made big changes in the its arbitration Act by Arbitration & Conciliation (Amendment) Act,2015 For the First time, natural India seated International Arbitrations have become a possibility www.lawsenate.com www.lawsenate.com
- 4. India Seated International Arbitrations - Attractions to Foreign Parties Power to Chief Justice to designate an Institution to appoint arbitrators Arbitrator from a Neutral Country mandatory Fees fixed for the ad-hoc arbitrators on the basis of the value of the dispute (4th Schedule) (No sitting, reading & writing fee) Arbitral Institutions are allowed to have a higher Fee scale An arbitration has to be completed within 12 months S.29A Both parties can jointly extend the completion period by 6 months While extending the time for completion court can fix terms www.lawsenate.com www.lawsenate.com
- 5. India Seated International Arbitrations - Attractions to Foreign Parties Fast Track Arbitration S.29B to be completed with in 6 months If Arbitrator can not complete the arbitration within the time limit he looses the mandate to continue the arbitration Interim orders can be granted by Indian Courts in support of Foreign seated International Arbitrations Costs follow the event S.31.A Costs including counsel fees, expenses, arbitrator fees can be claimed www.lawsenate.com www.lawsenate.com
- 6. India Seated International Arbitrations - Attractions to Foreign Parties No automatic stay on filing of an appeal challenging an Arbitral award S.36, while granting stay courts can impose terms Disclosure to be made by Arbitrators about their relationship with parties & counsels (Fifth Schedule) to ensure impartiality in the lines of “ IBA Guidelines on Conflict of interest in International Arbitrations. Narrow scope for the Term Public Policy S.34 to avoid courts interference into the arbitral awards Designated Court For International Arbitration is High Court www.lawsenate.com