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Section 49 of the Act provides that where the Court is satisfied that the foreign award is enforceable under Chapter I of Part II:
A{'text': 'The award shall be deemed to be a decree of that Court', 'label': 'A'}
B{'text': 'The award shall be referred to the Reserve Bank of India for enforcement under any provision of any law in force in any State of India regardless of any other consideration of any kind under any law in force in any State of India regardless of any other consideration', 'label': 'B'}
C{'text': 'The award shall be referred to the Securities and Exchange Board of India for enforcement under any provision of any law in force in any State of India regardless of any other consideration of any kind under any law in force in any State of India', 'label': 'C'}
D{'text': 'The award shall be referred to the Ministry of External Affairs for enforcement under any provision of any law in force in any State of India regardless of any other consideration of any kind under any law in force in any State of India', 'label': 'D'}
Answer & Solution
Correct answer: A. {'text': 'The award shall be deemed to be a decree of that Court', 'label': 'A'}
1. Section 49 of the Act (Chapter I, Part II) provides the gateway to execution of New-York-Convention foreign awards.
2. "Where the Court is satisfied that the foreign award is enforceable, **the award shall be deemed to be a decree of that Court**."
3. From that point, the award is enforced as if it were a decree under the CPC.
4. Section 58 makes a parallel provision for Geneva-Convention awards.
_Source: ICSI CS Executive Paper 1 — Jurisprudence, Interpretation & General Laws, Lesson 13 (Arbitration and Conciliation Act, 1996), pp. 314-333._
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