Don't misread arbitration ruling
The court has doubled down on the legal position that was laid down by it in TRF v. Energo Engineering Projects (2017) and Perkins Eastman Architects DPC v. HSCC (India) Ltd (2019) cases: unilateral appointment of an arbitrator - where one party has direct or indirect control over the selection of an arbitrator to resolve disputes - is prohibited.
But India Inc seems to have misunderstood the judgment. What was a judgment in favour of neutral, transparent and process-driven arbitration has resulted in the industry moving away from arbitration. Yes, most loan agreements that India Inc used until 2019 contained arbitrator appointment clauses that were unilateral in nature. But this does not mean that the only recourse available to them is to go to courts and ask them to appoint arbitrators or to abandon arbitration altogether.
Dit verhaal komt uit de March 2025 editie van BANKING FINANCE.
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Dit verhaal komt uit de March 2025 editie van BANKING FINANCE.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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