NEW YORK CONVENTION 1958 on the RECOGNITION AND ENFORCEMENT OF FOREIGN ARBITRAL AWARDS:
Answer & Solution
Correct answer: A.
1. The Convention on the Recognition and Enforcement of Foreign Arbitral Awards (NEW YORK CONVENTION) was adopted on 10 June 1958 and entered into force on 7 June 1959.
2. 172 STATES are Parties — making it ONE OF THE MOST SUCCESSFUL TREATIES.
3. INDIA acceded on 13 July 1960 with RESERVATIONS:
4. (a) RECIPROCITY — only awards from other Contracting States;
5. (b) COMMERCIAL — only commercial matters.
6. KEY PROVISIONS:
7. (i) Article II: arbitration agreements MUST be in writing; CONTRACTING STATES recognize them;
8. (ii) Article III: recognition and enforcement of foreign awards;
9. (iii) ARTICLE V: GROUNDS FOR REFUSAL of enforcement (narrow):
10. (a) Incapacity of party;
11. (b) Invalid arbitration agreement under applicable law;
12. (c) Inadequate notice or inability to present case;
13. (d) Award goes BEYOND scope of submission;
14. (e) IMPROPER COMPOSITION of tribunal;
15. (f) Award not yet binding or set aside;
16. (g) Subject matter not arbitrable under law of enforcing state;
17. (h) Award contrary to PUBLIC POLICY of enforcing state.
18. Hence option B is correct.
_Source: Arbitration and Conciliation Act 1996 (Bare Act) + Mediation Act 2023 — Convention on the Recognition and Enforcement of Foreign Arbitral Awards 1958 (New York Convention)_
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