Volume VI Issue I
Round-Up
Interview
Articles
The Two-Tiered International Commercial Arbitration Regime: Analysing The Policy Failure to Enforce Foreign-Seated Emergency Awards And Its Impact on India’s International Commercial Trust by Ms. Akanshi Goyal
The foundation of arbitral efficiency in the complex web of global trade and commerce is provided by interim measures of protection. In circumstances involving perishable products, fluctuating currency values, asset dissipation, or the possible frustration of contractual commitments, they protect a party’s interests throughout the tumultuous time between the start of arbitration and the final verdict. The urgency and transnational nature of such disputes make emergency and interim reliefs indispensable tools for ensuring that the eventual arbitral award is not rendered illusory. In line with this recognition, India formally acknowledges emergency arbitration, allowing tribunals constituted under institutional rules to grant urgent interim measures even before the main tribunal is established.
The Legal Dichotomy Between Arbitral Awards and Orders in Arbitration by Ms. Khushi Jain
The distinction between arbitral award and order is essential, since it determines the available recourse against it, enforceability and jurisdiction of courts, thereby upholding objectives of Arbitration and Conciliation Act, 1996 [“Arbitration Act”]. The demarcation between the two is ambiguous, especially in cases involving cost awards, partial rulings, or preliminary decisions, leading to uncertainty about the appropriate legal remedy. For instance, if an award is treated as an order, it would affect parties’ right to approach court, rendering unappealable until the conclusion of arbitration proceedings.
Amending India’s Arbitration Act to Establish CETA-Styled Permanent Adjudicatory Structure by Mr. Ayush Pandey & Ms. Sneha Agarwal
The first thing that comes to your mind when you hear about India is its glorious culture, growing economy and the wide range of opportunities. From the standpoint of an international investor who perceives India as a jurisdiction of substantial economic potential, becoming ensnared in a protracted and procedurally ambiguous arbitration process can be significantly disincentivising. Conversely, envision an arbitral framework in India wherein disputes are adjudicated within reasonable timeframes through transparent and coherent procedures that align with internationally recognised standards. Such a system would enhance legal certainty, promote investor confidence and reinforce India’s credibility as an arbitration-friendly jurisdiction. This would not be a mere pipe dream, but rather a real prospect based on the Comprehensive Economic and Trade Agreement [“CETA”] between Canada and the European Union [“EU”]. By adopting an innovative model like the CETA, with its standing tribunals, transparent proceedings and standardisation of legal interpretations, India can re-evaluate its commercial arbitration regime.
Force Majeure In Smart Contracts: A Conflict Between Remedial and Obligatory Frameworks by Ms. Sai Anagha and Mr. Ashish Panda
Smart Contracts have not been defined adequately; or rather, they do not have a single attributable definition. Some define them as autonomous machines, while others refer it to as contracts between parties stored on a blockchain. It is a self-executing computer program stored on a blockchain network that automates the enforcement and execution of specific contractual terms when predefined, objective conditions are met. It functions either as the primary representation of an agreement or as a supplement to traditional contracts by carrying out automated transactions, such as transferring digital assets between parties. While current implementations are limited to precise “if this, then that” logic for relatively simple actions, complexity is expected to increase as more assets and transactions become digitised on-chain. The central premise of smart contracts lies in the integration of contractual terms on collateral, bonding, or property rights, directly into technological systems, thereby making non-performance costly and deterrent. By substantially lowering the costs of mediation, enforcement, and arbitration, Szabo conceptualised smart contracts as a shift from traditional paper-based agreements to digitally governed systems, such as computer-supported financial networks and databases.
When Finality Meets Sovereignty: Issue Estoppel And The Enforcement of Arbitral Awards Against States by Ms. Shreya Srikanth and Mr. Shamuel Husain
Estoppel as defined by the Black’s Law Dictionary refers to: “A bar or impediment raised by the law, which precludes a man from alleging or from denying a certain fact or state of facts, in consequence of his previous allegation or denial or conduct or admission, or in consequence of a final adjudication of the matter in a court of law.” The doctrine rests upon the maxim Interest reipublicae ut sit finis litium which means that it is in the interest of the state that the litigation comes to an end. Most nations governed by common law adhere to the principles of estoppel. Estoppel, therefore, in essence is a species of the doctrine of res judicata. Among this species lies a sub-species called issue estoppel. Issue estoppel, a rule of preclusion, precludes parties from re-arguing the same issues that have already been decided by another competent court.