In a recent decision, the Supreme Court of India in M/S
Shriram EPC Limited vs Rioglass Solar Sa1
has ruled that it is not necessary for a foreign arbitral award to
be stamped. This judgement has put to rest an issue on which
various High Courts of India had given differing opinions.
Facts
An ICC award was delivered in London ordering M/S Shriram EPC
Limited (“Appellant“)to pay the
damages along with the interest to Rioglass Solar Sa
(“Respondents“). In furtherance to the
award passed, the Appellant had challenged the same under Section
34 of the Arbitration and Conciliation Act, 1996
(“Arbitration Act“) in the High Court
of Madras. However, the Single Bench passed an order in favor of
the Respondents. The Respondents later filed a petition under
Section 47 of the Arbitration Act for the enforcement of the
foreign award. This petition of the Respondents was allowed by the
High Court of Madras. The matter was further taken up to the
Division Bench by the
