The legislative aspects being a key determining factor when foreign industry players are entering into international commercial contracts, ease of doing business, enforcement of contracts and the dispute resolution mechanism of a particular country also plays a crucial role. Since the investments are large, it is paramount for companies to feel confident in securing and recovering their investments in the event disputes arise.
Arbitration has proven to be an effective way for resolving disputes. The number of international arbitration centres bears testimony to its growing importance. India has also become an attractive destination for investments, business and collaborations. The vast number of transactions being entered into on a daily basis brought to the fore the importance of having a strong and steady dispute resolution mechanism. The Courts in India have also played an active role in interpreting the law by maintaining a fine balance between the technicalities and rigours of the law and the practical commercial aspects of any dispute.
We will be explaining the legal provisions pertaining to securing interim reliefs in an international commercial arbitration and enforcement of the awards passed. When disputes arise, whilst the procedural laws assume significance, securing interim reliefs, feasibility and ensuring an effective execution of the award become the cornerstone for any decision to be taken. The process involved in obtaining interim reliefs in any dispute are the central element since they safeguard the rights of the parties pending final adjudication. Similarly, the enforceability of the awards obtained since the parties are wary of simply obtaining paper awards. The enforceability of the awards and interpretation of the laws governing it has gained tremendous importance. Constant efforts are being made to ensure that the process is expeditious and effective, in turn, making India an investor friendly destination.