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ARTICLE · 16 OCTOBER 2024

Dispute Resolution & ADR Newsletter - October 2024

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Welcome to the latest edition of the Fox & Mandal Dispute Resolution & ADR Newsletter. In this edition, we examine the impact of various judgments rendered by the Supreme Court of India, High Courts and tribunals on the dispute resolution and ADR ecosystem in the country.

IndiaLitigation, Mediation & Arbitration
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Enforceability and currency conversion of foreign arbitral awards

DLF Ltd & Anr v. Koncar Generators and Motors Ltd

Supreme Court of India | August 8, 2024 2024 SCC OnLine SC 1907

In this judgment, the Supreme Court clarifies the enforceability of foreign arbitral awards expressed in foreign currency by deliberating on issues pertaining to the appropriate date to determine the foreign exchange rate for converting the award amount into INR and the date for currency conversion for the portion of the award that may have been deposited by the award debtor during Court proceedings. Upholding the view that an arbitral award becomes enforceable when all objections against it are dismissed, the judgement effectively balances the rights of both the award debtor and the award holder by ensuring that foreign creditors are not disadvantaged by exchange rate fluctuations caused by prolonged legal proceedings in India. By aligning with earlier judgments like Forasol and Renus

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