The Supreme Court put to rest the contentious issue on foreign-seated arbitration last month in a landmark judgment that brings India in line with international best practices and paves the way for Indian parties to opt for foreign-seated arbitrations.
The decision, in PASL Wind Solutions Private Limited v GE Power Conversion Private Limited, has significant importance for parties in cross-border dealings, and those with an overseas presence wanting to streamline disputes by opting for a uniform seat overseas.
“Nothing stands in the way of party autonomy in designating a seat of arbitration outside India, even when both parties happen to be Indian nationals,” observed the three-member bench headed by Justice Rohinton Fali Nariman.
Nicholas Peacock, partner and head of Bird & Bird’s London arbitration group, told India Business Law Journal that where one of the companies is a 99% subsidiary of an overseas group, “it might be more convenient or comfortable to have the arbitration seated overseas”.
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