From the year 2012 India has recognized Hong Kong as a recognized seat of Arbitration under New York Convention on Recognition and Enforcement of Foreign Arbitral Awards. Since then the Hong Kong seat has become a very important seat, for Parties from India, since Parties from China are comfortable with Hong Kong Seat than a seat in India.
Seat of Arbitration is one the most important concepts in the field of international Arbitration. Any party to an International Arbitration proceeding will be able to achieve its objectives only if the final award is enforceable in the country where it is required to be enforced.
Globally arbitration is becoming popular for various reasons and as per a recent survey by ASSOCHAM, in India about 90% of the commercial contracts have arbitration clauses these days.
Law of Limitation applies to Arbitration proceedings also and S.43 of the Arbitration and Conciliation Act,1996 expressly provides for the same. Counter claim is the claim filed by a respondent against the claimant in the arbitration proceedings, after the claimant initiated arbitration proceedings.
An Arbitration proceeding starts from the filing of a claim by a claimant before an arbitral institution or before an Arbitrator. The right to file a claim by the claimant is not an absolute right and that right also can be closed by an Arbitrator and proceed to grant time for the respondent to file its counter claim.
By a recent Judgment High Court of Delhi rejected objection filed by Reserve Bank of India (Central Bank of India) resisting enforcement of International Arbitration award,
Civil Court Jurisdiction not barred because of Arbitration clause in Memorandum of Association – High Court of Chhattisgarh (India)
Arbitration is the private dispute resolution mechanism which is proved to be an effective alternate to the regular National Court dispute resolution through litigations. To become an arbitrator, there is no requirement of a legal or technical qualification.
Arbitrations (domestic as well as International) seated in India, enforcement of foreign arbitration awards passed in a New York convention seat, powers of the courts to grant interim orders in favour of a foreign seated arbitration, Powers of the courts to refer parties to arbitration if there is a valid arbitration agreement between parties and appointment of arbitrators are governed by Arbitration and Conciliation Act,1996.
Emergency arbitrator concept is considered to be, one of the most effective solutions for the major problem which has been reducing the effectiveness of an International arbitration.
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