Needed: a BIT dispute management strategy4 min read 12 Sep 2017, 12:09 AM IST
Irrespective of the current mood against bilateral investment treaties, BIT disputes are unlikely to go away anytime soon
The adverse arbitral awards in White Industries v. India and Devas Multimedia v. India have finally woken the Union government to the perils of bilateral investment treaties (BITs). The government’s reaction has been to introduce a new Model BIT in 2015 as a template for future investment agreements, and to issue 58 BIT termination notices. Given that existing investors will continue to enjoy the protection of these terminated BITs for a period of 10-15 years due to sunset clauses, both these measures cannot replace the need for a coherent dispute management strategy to deal with disputes that may arise under BITs.
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