Precedents set by English courts in banking and finance disputes are highly relevant to Indian investors and institutions
The UK remains a popular jurisdiction for the determination of disputes for parties from other parts of the world. This is the case both for disputes that have a UK connection, and for those for which a neutral territory is sought for adjudication.
Many recent disputes before English courts have involved Indian parties. These include tussles between Virgin Atlantic Airways and Jet Airways; Force India Formula One team and the Malaysia racing team; and Cruz City 1 Mauritius Holdings and Unitech. The latter was a dispute that arose from a joint venture development of slum-clearance land in Mumbai.
London’s position as a major financial centre has also led many international banking and derivatives-related disputes into UK courtrooms. As a result, the UK’s regulations governing financial services – and the interpretation of these regulations by the English courts – have the potential to affect transactions all over the world.
Nicola Vinovrški is a legal director in Clyde & Co’s banking litigation and arbitration team based in London.