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ARTICLE · 31 MAY 2023

Indian-Seated International Commercial Arbitration Not Bound By Statutory Time Limit

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In view of the Arbitration and Conciliation (Amendment) Act, 2019 , the Hon'ble Supreme Court ("Supreme Court") clarified that International

IndiaLitigation, Mediation & Arbitration
Vishesh Kulkarni
Vishesh Kulkarni
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In view of the Arbitration and Conciliation (Amendment) Act, 20191, the Hon'ble Supreme Court ("Supreme Court") clarified that International Commercial Arbitrations ("ICA") shall not be governed by the time limit prescribed under Section 29-A2 of the Arbitration and Conciliation Act, 1996 ("the Act").3

Facts

In the present case, the petitioner, i.e., Tata Sons Pvt. Ltd., the first respondent, i.e., Siva Industries & Holdings Ltd. and Tata Tele Services Ltd. ("TTSL"), in the year 2006, entered into a share subscription agreement for issuance and allotment of shares of TTSL to Siva Industries. Subsequently in 2008, a share subscription agreement was entered into between NTT Docomo Inc. ("Docomo"), a Japanese telecom company, the petitioner and TTSL whereby Docomo sought to acquire 26% of TTSL equity share holding.

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