Indian Court Enforces Awards Despite Foreign Exchange Regulations

Delhi High Court allows enforcement of arbitral awards despite foreign exchange regulations

Herbert Smith Freehills reviews two judgments from the Delhi High Court affirming the court’s pro-enforcement stance on foreign arbitral awards and offers welcome guidance on the exit rights of foreign investors in Indian companies, an important subject for many companies looking to invest in India.  The dispute the subject of the decision are between Tata Sons and Tata Teleservices and NTT Docomo Inc. The authors note that the Indian Arbitration Act has been amended to narrow the scope of the public policy defence to the enforcement of domestic and international awards and that against that backdrop, the Delhi High Court’s judgments are a welcome pro-enforcement signal which also may have wider implications for foreign investors in India.

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About Phillip Rompotis

Phillip practices as a barrister and arbitrator in Hong Kong. He has over 25 years’ litigation and arbitration experience in commercial disputes relating to construction & engineering, financial services, joint venture & shareholders agreements, technology, trusts, property and landlord & tenant. He is a Fellow of the Chartered Institute of Arbitrators, the Singapore Institute of Arbitrators, the Malaysian Institute of Arbitrators, and a member of various lists/panels of arbitrators.

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