International Arbitration Centre

Former Supreme Court judge Hemant Gupta has been appointed as the chairperson of New Delhi International Arbitration Centre (NDIAC), according to a Personnel Ministry order. The NDIAC has been established for the purpose of creating an independent and autonomous regime for institutionalised arbitration. The Appointments Committee of the Cabinet has approved the appointment of Justice Hemant Gupta (R) as NDIAC chairperson and that of Ganesh Chandru and Anant Vijay Palli as its part-time members, the order said.

Parliament on Wednesday passed a bill to rename the New Delhi International Arbitration Centre as the India International Arbitration Centre. The Rajya Sabha passed the New Delhi International Arbitration Centre (Amendment) Bill, 2022, which was piloted by Union Law Minister Kiren Rijiju in the house on Wednesday. The Lok Sabha has already passed the bill on August 2022, which expands this to include the conduct of other forms of alternative dispute resolution besides arbitration. While replying to the debate, Rijiju in the Upper House said this bill will help India emerge as an attractive destination for arbitration at the global level. "India is still not a hub for arbitration, while small countries and cities have emerged as major centres for arbitration," the minister said. He assured the members saying that with the steps being taken by the Modi government, India would emerge as an arbitration centre in the coming years. "This amendment has been brought with that approach,"

Indian currency's recovery since US CPI leads to reversal of onshore-offshore arbitrage

The matter, adjourned till Feb 23, was heard by CJI N V Ramana, two other judges; SC had on Tuesday rejected Amazon' petition to file a seven-page written submission

Market participants say move would ensure fast disposal of cases and will attract investors and enhance ease of doing business

The International Financial Services Centres Authority (IFSCA) is in the process of setting up an International Arbitration Centre in the GIFT IFSC for speedy resolution of any dispute

India had seized and sold shares of Cairn in its erstwhile India unit, confiscated dividend due and withheld tax refunds to recover the tax demand it had levied two years after passing a law in 2012

Cairn Energy has wrong-footed the government

Experts say enforcement of the award will face a passive hurdle in Article V of the NY Convention

In its petition, Amazon is said to have sought imprisonment of Future group promoters including Kishore Biyani for alleged violation of securities market rules

Amazon also urged Sebi about not granting any no-objection in relation to the same and directing the Indian Stock Exchanges not to issue any no-objection/approval letter to Future Retail

India has faced a string of arbitrations by investors including Deutsche Telekom, Nissan Motor Co, Vodafone and Cairn Energy over issues ranging from retrospective taxation to payment-related disputes

This is the second setback for Indian government related to retrospective taxation after it lost the arbitration case against Vodafone three months ago

Lieutenant Governor Manoj Sinha said the launch puts the union territory on the commercial arbitration map of the world

It cost us more in prestige than we could hope to win and this award ends a decade-old saga that tarnished India's reputation among foreign investors

The finance ministry is certain that whenever the company approaches an Indian court with a request for the enforcement of the award, it shall be opposed

The new centre will hear cases of major international companies, and their grievances