The Supreme Court today allowed the appointment of presiding arbitrator/chairman in the second arbitration initiated by Vodafone against India in connection with a tax demand of Rs 11,000 crore through a retrospective law of 2012.
A bench of Justices A K Sikri and Ashok Bhushan, however, said the second tribunal will not start proceedings in the matter till the Delhi High Court decides it by January 10.
The apex court order came on the Centre's plea challenging the October 26 high court order by which it had asked the Vodafone Group representatives to participate in the process of appointing a presiding arbitrator in its second arbitration.
Vodafone had in 2014 initiated arbitration proceedings under the India-Netherlands Bilateral Investment Protection Agreement (BIPA) in connection with the tax demand raised against it and the proceedings in it is still going on.
In the second arbitration started this year, Vodafone had initiated the process under the India-United Kingdom BIPA in connection with the tax demand.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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