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Oct 30, 2024

Supreme Court Clarifies Relevant Date for Determining Conversion Rate of Foreign Arbitral Award Expressed in Foreign Currency

The Supreme Court in DLF Ltd. v. Koncar Generators & Motors Ltd.,[1] held that as per the statutory scheme of the Arbitration and Conciliation Act, 1996 (‘Arbitration Act’), a foreign award becomes enforceable on the date, when the objections against it are finally decided and dismissed. Therefore, the date for calculating the foreign exchange rate applicable to a foreign arbitral award expressed in foreign currency would be the date when such an award became enforceable, in the absence of the contract providing for a rate of exchange for conversion.

[1] DLF Ltd. v. Koncar Generators & Motors Ltd., 2024 SCC OnLine SC 1907.

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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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