Transocean Shipping Agency Pvt Sample Clauses

Transocean Shipping Agency Pvt. Ltd. Company v. Black Sea Shipping, (1998) 2 SCC 281. 2 General Electric Canada Inc. v. National Hydroelectric Power Corporation Ltd., 2003 (Supp) Arb 520 (Del) (DB). Supreme Court had held that various agreements wherein India has recognized the Russian Republic as a successor of the old State of USSR, make no difference to the recognition granted under the notification of February 7th, 1972 to the entire territory of USSR as then in existence as a reciprocating territory for the purposes of section 2 of the 1961 Act [now section 44 of the 1996 Act]. It was further held that there is no implied curtailment of the notifica tion of February 7 th, 1972 as now applying only to that territory which forms a part of the Russian Republic. 1 Section 44 of the 1996 Act defines foreign award as an arbitral award on differences between persons arising out of legal relationships, whether contractual or not, considered as commercial under the law in force in India, made on or after the 11th day of October, Convention applies, and in one of such territories as the Central Government, being satisfied that reciprocal provisions have been made may, by notification in the Official Gazette, declare to be territories to which the said Convention applies. Procedure for enforcement of the foreign award under the New York Convention is given in section 45 -51 and for foreign awards under Geneva Convention procedure is given in sections 54 -59 of the 1996 Act. Any foreign award which would be enforceable under part II of the Act is treated as binding for all purposes on the persons as between whom it was made, and may accordingly be relied on by any of those persons by way of defence, set off or otherwise in any legal proceedings in India. Section 49 of the 1996 Act has been incorporated on the basis of article III of the New York Convention; however conditions for the enforcement of foreign award have been provided in section 47 and section 48 of the 1996 Act. Section 49 provides that when the court is satisfied that the foreign award can be enforced by the court, the award shall be deemed to be decree of the court. Appeal shall lie from an order of the court refusing to enforce an award. However, an order upholding a foreign award is not appealable. In such a case the constitutional remedy by way of a discretionary special leave petition to the Supreme court of India will be maintainable. The party applying for the enforcement of a foreign award is required to, at the time of t...
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