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Foreign award must be executed

The Bombay High Court last week allowed the petition of Italian firm Sideralba SPA seeking the execution of a foreign award in its favour against Mumbai firm Shree Precoated Steels Ltd. There was a series of disputes between the Italian firm, the Mumbai firm, its sister concern in UAE and insurer New India Assurance over dispatch of steel items, some of which were damaged while the ship with the consignment from Mumbai was damaged at Djibouti. The high court rejected the arguments of the Mumbai firm resisting the execution of the award stating that "the findings of facts rendered by the arbitral tribunal cannot be interfered with in this court and it cannot refuse to enforce the foreign award by adjudicating upon the disputes between the parties on merits… According to Swiss law applicable to the parties, the award has achieved finality." The judgment cited several Supreme Court judgments in respect of execution of foreign awards and concluded that enforcement could be refused under Section 48 of the Arbitration and Conciliation Act only if it is contrary to i) the fundamental policy of Indian law; (ii) the interest of India ; or (iii) justice or morality.

Article referred: www.business-stanåçdard.com/article/opinion/cap-on-tax-benefit-to-charities-115101800761_1.html

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