Bilateral Investment Treaty

The Delhi High Court has set aside an arbitration award that asked Antrix to pay $562 mn to Devas

Several law firms representing interests of companies abroad hope this will happen soon

Payouts on account of BITs are like insurance payments that undergird foreign investment

The government sticking to its stand that bilateral investment treaties cannot override a nation's sovereign right to tax

India does not recognise the jurisdiction of any foreign court in a commercial dispute that questions the state's sovereign power to intervene

After unilaterally terminating pacts in 2016, India has pushed for individual deals based on Bilateral Investment Treaty

With the US going into its Presidential elections in November, both governments are being cautious

This has led to negotiations slowing down and signing of BITs, with India's major global partners taking more time than previously anticipated

First of new BITs likely with the US, Canada or Cambodia

Senior govt officials said that such agreement will ensure that states stick to the commitments that India guarantees foreign companies under Bilateral Investment Treaty