International Centre for Settlement of Investment Disputes (ICSID) Rules,Procedure, and India’s approach

August 1, 2020

First let us see why ICSID was formed and here we will see Practice, Rules and Jurisdiction of ICSID. With growing economy and globalization some forum was felt necessary to resolve dispute between investor and Host State. ICSID  was established under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the ICSID Convention), is a multilateral international treaty. The ICSID Convention came into force on October 14, 1966. As of May 2016, 153 contracting member states agreed to enforce and uphold arbitral awards in accordance with the ICSID Convention. The primary purpose of ICSID is to provide facilities and services to support conciliation and arbitration of international investment disputes. The ICSID is part of and funded by the World Bank Group, and its headquarter is in Washington, D.C., in the United States of America. It is an autonomous, multilateral specialized institution to encourage international investment and ease non-commercial risks by a treaty drafted by the International Bank for Reconstruction and Development’s( IBRD)  executive directors and signed by member countries. The seat may be moved to another place by decision of the Administrative Council adopted by a majority of two-thirds of its members. The Center has an Administrative Council and a Secretariat and maintains a Panel of Conciliators and a Panel of Arbitrators. Unique Features of ICSID  Arbitration and conciliation under the Convention is  voluntary and require consent of both the investor and State concerned ( Host State)  Once such consent is given, it cannot be withdrawn unilaterally and it becomes a binding undertaking. ICSID is an impartial facility, and it does not decide the cases. The independent arbitrators and conciliators appointed to each case and pass award. Organization Structure The President of the Bank is ex officio Chairman of the Administrative Council (hereinafter called the Chairman) but shall have no right to vote. During his absence or inability to act and during any vacancy in the office of President of the Bank, the person for the time being acting as President shall act as Chairman of the Administrative Council. Jurisdiction: Jurisdiction of the ICSID is in Article 25 The term “jurisdiction of the Centre” is used in the Convention as a convenient expression to shall deemed to mean that, the limits within which the provisions of the Convention will apply. The facilities of the Centre will be available for conciliation and arbitration proceedings when its within jurisdiction of ICSID to its members. The jurisdiction of the ICSID extends to any legal dispute arising directly out of an investment, between a Contracting State / Host Sate and an investor/national of another Contracting State, which the parties to the dispute consent in writing to submit to the ICSID. It may be noted that, consent alone doesn’t bring a dispute within its jurisdiction. The jurisdiction of the Centre is further governed by Article 25(1). Article 25 (1)  provides that the jurisdiction of ICSID applies to legal disputes arising out of investments. So two basic preconditions which will give ICSID Jurisdiction. The expression “legal dispute” has been used to make clear that while conflicts of rights are within […]

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MEDIATION , WRITTEN STATEMENT And LIMITATION ACT The Commercial Courts, Commercial Division And Commercial Appellate Division Of High Courts Act , 2015 No. 4 Of 2016

June 6, 2020

“Provided further that where the defendant fails to file the written statement within the said period of thirty days, he shall be allowed to file the written statement on such other day, as may be specified by the Court, for reasons to be recorded in writing and on payment of such costs as the Court deems fit, but which shall not be later than one hundred twenty days from the date of service of summons and on expiry of one hundred twenty days from the date of service of summons, the defendant shall forfeit the right to file the written statement and the Court shall not allow the written statement to be taken on record.”;

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