Mr. Promod Nair briefly explained the arbitration’s seat and venue, as well as related matters. He detailed the well-known investment dispute case White Industries Australia Ltd. versus Republic of India.
The speaker further talked about protections of active and passive investors, including portfolio investors, under the current framework of Investment Treaties. He highlighted the ICSID Treaty of 1965 under which Awards are self-executory. He also mentioned the applicability of UNCITRAL provisions with respect to the Investment Treaty.
Mr. Nair pointed out that while signing the New York Convention, India has made two reservations, namely, the reciprocity and the issue of enforcing Commercial Arbitrations only. Later, he discussed the immunities available with a sovereign state that have two elements, firstly, the immunity against suit and secondly, immunity against enforcement. The speaker concluded the session by talking about the controversy between the category of state and the category of investors.