India has lost its arbitration case in an international tribunal against the Bengaluru-based Devas Multimedia Private Ltd. for cancelling the space/satellite contract with the government-owned Antrix Corporation.
As part of ongoing initiatives towards restructuring its bilateral investment treaty regime, Indii aims to minimize the possibility of arbitral tribunals interpreting the treaty provisions vastly different from what the contracting parties originally had in mind.
India is seeking to terminate BITs signed with 57 countries and sign joint interpretative statements with the other 25 treaty states – all an outcome of the country’s new model BIT.
The new model text on the basis of which India is negotiating its Bilateral Investment Treaties (BIT) is making it difficult for America to hold bilateral talks on the proposed India-US BIT
India has written to 47 countries to nullify the existing bilateral investment agreements and ink fresh treaties that will make it mandatory for foreign investors to exhaust local judicial remedies before seeking arbitration.