Decoding India’s New Model BIT (V)
The new model BIT lay outs detailed procedural rules on the appointment of arbitrators, conduct of arbitral proceedings, transparency, award, costs and related matters. For instance, an early review mechanism has been introduced to prevent frivolous claims based on weak grounds. Further, to ensure arbitrators are impartial and free of any conflict of interest, strict disclosure norms have been introduced under which arbitrators will have to disclose in writing their existing or past relationships with any of the parties. Similarly, all documents (except confidential information) related to investment dispute will be made available to public and the tribunals shall make logistical arrangements to facilitate…