ENFORCING FOREIGN ARBITRAL AWARDS IN INDIA: LEGAL FRAMEWORK, JUDICIAL APPROACH, AND GLOBAL COMPATIBILITY

Abstract

A strong international arbitration framework and investor trust in cross-border business partnerships are largely dependent on the efficient execution of foreign arbitral rulings. The provisions of the Geneva Convention (1927) and the New York Convention (1958) are both included into the Arbitration and Conciliation Act, 1996, which largely governs the enforcement framework in India. Even though India has ratified these treaties, the country’s enforcement system has come under fire for its lengthy court proceedings, expansive interpretation of public policy exceptions, and convoluted procedures. In particular, Sections 44 to 52 (New York Convention awards) and 53 to 60 (Geneva Convention awards) of the 1996 Act that deal with foreign arbitral awards are critically examined in this paper. It also assesses the changing judicial position through seminal rulings from Renusagar to Vedanta. According to the study, there has been a steady change in the Indian judiciary from a conservative, interventionist stance to one that is more supportive of enforcement and arbitration. The recent legislative changes and the shrinking of the public policy basis show India’s intention to conform to international arbitration standards. India’s compliance with international standards is contextualised through comparative views from arbitration regimes in the US, China, Singapore, and the UK. In order to further streamline enforcement, the report ends by suggesting important reforms, such as the creation of specialised arbitration benches, the codify of public policy principles, and the simplification of procedures. India has the potential to become a preferred arbitration venue and an effective enforcement jurisdiction with the implementation of strategic lawr reforms and steady judicial backing. Hence the present

research paper deals with the compatibility of the existing legal framework and judicial approach at national and international level.