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Mar 31, 2023

Madras HC Allows Enforcement of Foreign Award for Damages Subject to RBI’s Approval Under FEMA

In GPE (India) Ltd. v. Twarit Consultancy Services (P) Ltd.[1], the Madras HC allowed the enforcement of a foreign award passed by an arbitral tribunal appointed by Singapore International Arbitration Center (‘SIAC’), subject to approval by the Reserve Bank of India (‘RBI’) underthe Foreign Exchange Management Act, 1999 (‘FEMA’). The SIAC award, inter alia, awarded damages to the Petitioners for the breach of share purchase agreements by the Respondents. The Court disagreed with the judgment of the Delhi HC in NTT Docomo v. Tata Sons Limited (NTT Docomo) and observed that while the award was not in contravention of the public policy of India, the receipt of damages pursuant to the award for breach of contracts to buy shares, required the prior approval of RBI.

[1] GPE (India) Ltd. v. Twarit Consultancy Services (P) Ltd., 2023 SCC OnLine Mad 46.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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