https://www.taxtmi.com/caselaws?id=761849 A common petition for recognition, enforcement and execution of foreign awards was held maintainable as Part II of the Arbitration and Conciliation Act contemplates a single proceeding with distinct stages. The court reiterated that Section 48 grounds are exhaustive and do not permit merits review, but enforcement can still be refused where a statutory ground is made out. Applying Article 137, the petition was found time-barred. Enforcement was also refused because the transaction required prior RBI approval, which was never obtained, making enforcement contrary to the fundamental policy of Indian law and public policy. Collateral challenge to sanctioned demerger schemes was rejected, non-parties to the arbitration were not impleaded for execution, and the arbitration invocation was not invalid after amalgamation. en-us Thu, 24 Oct 2024 00:00:00 +0530 Mon, 18 Nov 2024 11:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761849 A common petition for recognition, enforcement and execution of foreign awards was held maintainable as Part II of the Arbitration and Conciliation Act contemplates a single proceeding with distinct stages. The court reiterated that Section 48 grounds are exhaustive and do not permit merits review, but enforcement can still be refused where a statutory ground is made out. Applying Article 137, the petition was found time-barred. Enforcement was also refused because the transaction required prior RBI approval, which was never obtained, making enforcement contrary to the fundamental policy of Indian law and public policy. Collateral challenge to sanctioned demerger schemes was rejected, non-parties to the arbitration were not impleaded for execution, and the arbitration invocation was not invalid after amalgamation. Case-Laws FEMA Thu, 24 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761849