Athree-judge bench of the Supreme Court recently held that settlement of disputes or differences through a two-tier arbitration procedure between the parties is permissible under Indian law.
In M/s Centrotrade Minerals & Metal Inc v Hindustan Copper Ltd, a contract between Centrotrade and Hindustan Copper contained an arbitration clause which provided, firstly, for settlement of disputes or differences by arbitration in India in accordance with the rules of the Indian Council of Arbitration, and secondly, if either party disagreed with the “arbitration result” in India, the aggrieved party would have a right to appeal to a second arbitration in London in accordance with the rules of the International Chamber of Commerce. The result of the London arbitration would be binding on both the parties, subject to a legal challenge in accordance with law.
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