The composition of the arbitral tribunal is in accordance with the terms of the arbitration agreement. If the arbitration agreement does not specify the number of arbitrators, the reference refers to the individual arbitrator. The number of referees cannot be regular. Investment disputes can be initiated by companies and individuals and, in almost all cases, investment tribunals are composed of three arbitrators (unless otherwise agreed between the parties). As in most arbitration cases, one is appointed by the investor, one by the state, and the third is generally elected by agreement between the parties or their arbitrators appointed or chosen by the contracting authority, according to the rules of procedure applicable to the dispute. If the parties do not agree to appoint who, this power is generally assigned to executive officials at the World Bank, the International Office of the Permanent Court of Arbitration or a private chamber of commerce. The parties are free to agree on the procedure to be followed by an arbitral tribunal when the proceedings are carried out. If the parties do not agree on procedural law, the arbitration tribunal may proceed with arbitration as it sees fit. The Court of Arbitration is not bound by technical rules of procedure that must be followed by a court in India. But the rules of natural justice must not be ignored.
Ld. Single Judge found that the parties themselves were involved in conciliation proceedings by appointing lawyers who actively negotiated and entered into the transaction agreement. The content of the settlement agreement and the minutes of the respondents` meetings are section 73 and the respondents cannot challenge their own position. The Court also found with regret that the respondent did not disclose that the counsel appointed by the respondents had received a certified copy of the settlement agreement. The respondent also reacted to this agreement, and not only on the basis of a technical plea of non-service, they are trying to circumvent the terms of the agreement. “Any dispute, controversy or request concerning the creation of a corporation [the name of a corporation as used in the Charter or other constituent document], including management or participation, including disputes between participants [shareholders, partners, members – the term must be chosen on the basis of the organizational-legal form of a corporation] and the corporation itself and the corporation itself. , disputes involving persons who are or have been members of the corporate governing and supervisory bodies, as well as disputes relating to the rights of participants concerning the legal relationship with third parties, are settled by arbitration before the International Commercial Arbitration Tribunal with the Russian Chamber of Commerce and Industry , in accordance with its applicable rules.