- Research/Scholar Paper name – “Enforceability of Bit Awards in Indian Regime”
- Author: Neil J Shah
- Co-Author: Akshat Mishra
- Institution: Institute of Law Nirma University
- Affiliation: Centre for Study of Contemporary Legal Issues
- Date of Publication: 26/07/2022
This article talks about the execution of BIT awards in India. The article also highlights various cases wherein India had faced issue on enforcing such awards in India with the help of reviewing various articles/papers on the same subject matter. BITs imply agreements including investments by companies and citizens of one country in another country under agreements between the two countries. India in order to be hub for Arbitration needs to have clauses in their BIT regarding the execution of such awards in India. India needs to make arbitral process string and effective in context of enforcement of BIT awards. The Part II of Arbitration & Conciliation Act, 1996 states the law for governing foreign awards in India, but whether BITs awards enforcement also fall in this Part of the Act is still not cleared and in one of the cases it is said to be included in Part II. India is not even a party to ICSID (International Centre for Settlement of Investment Disputes) Convention that aims to settle investment-related conflicts, hence the enforcement regime in India for BITs awards remains ambiguous. The article also talks about Model BIT of India, 2016 and also discusses position of law with cases on the enforcement of BIT awards in India. India needs to work on the efficient mechanism in its arbitral process to have enforcement of such awards in speedy and fair manner. India is the 6th largest economy in the world and among the best nations who gets maximum Foreign Direct Investments in India due to it rich natural resources and potential. The Indian courts needs to look into it very seriously and try and make the process to be effective and with speedy resolution of the dispute as the investment in India is rising rapidly which is beneficial for the nation.