On Jan. 31, AST Court ruled in favor of India in $740mn appeal case.
AST Court issued Republic of India v CCDM holdings, LLC about a dispute re $740mn in connection with investor-State arbitration under a bilateral investment treaty.
This case is an appeal by Republic of India from CCDM Holdings, LLC v Republic of India (no 3) of Oct. 24, 2023; judge allowed appeal and set aside Oct. 24, judgment.
Dispute involved a quantum award in Oct. 2020 of $740mn against Republic of India.
Appeal Case Highlights
Appeal case relates to incorporated Mauritian investors; India and Mauritius concluded a bilateral investment treaty, which included mutual promises that the contracting parties would treat investors of the other contracting party fairly and equitably.
In addition, subject to exceptions, not nationalize/expropriate their investments.
Judge, in appeal case, said India’s interlocutory application to set aside originating application on basis that India is immune from the proceeding should have succeeded.