In Brief
An Indian company challenged enforcement of a foreign arbitral award for €10,93,989 owed to a Croatian company. The Supreme Court held that when enforcing a foreign currency arbitral award under the 1996 Act, the proper conversion date is when objections are finally decided (when the award becomes enforceable). However, amounts deposited before courts during pendency of objections—if withdrawable by the award holder—must be converted at the exchange rate on deposit date. The Court affirmed that Forasol v. ONGC principles apply to the 1996 Act. The appeal was partly allowed, requiring separate conversion dates for the Rs 7.5 crore deposit (October 2010) and remaining amount (July 2014).
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