Dear All,
In the agreement, there are following facts:
Parties : Both parties are indian companies
Governing Law : Law of England (I don't know why it was mentioned)
Rules of Arbitration : International Chamber of Commerce
Place of Arbitration : New Delhi
Now, I wish to understand the practical aspect, which (as per me) is mentioned below and you may please comment if this is correct:
1. Arbitration and Conciliation Act, 1996 will not be applicable. So, if a party sends a letter under Section 21 of the said act, that is not right.
2. Either party will have to write to ICC for 'Request for Arbitration'
3. All the proceedings will happen according to ICC rules and not A&C Act 1996
4. It is practically difficult for ICC to form Tribunal in India. I really do not know and this needs guidance of expert on this forum.
What are the practical aspects of initiating the proceedings in this case.
regards
Deepak
