The company wants the court to confirm the award under the
ICSID Convention.
The
ICSID Convention provides specific grounds for such an application that include improper constitution of the arbitral tribunal, procedural irregularities and the arbitral tribunal's overreach while exercising its powers.
Article 51 of the
ICSID Convention allows parties to a dispute to bring to the tribunal any new facts that could decisively affect the award.
There are limited grounds for challenging the award under the
ICSID Convention. It is not expected that proceeds of the award will be recognised in Antofagasta's financial statements until received.
In a comment to Profit, Osama Malik, an Islamabad based lawyer on international investment and economic law said, 'The enforcement proceedings have been automatically stayed under Article 51(4) of the
ICSID convention.
(14) Tailored to promote the settlement of investment disputes, (15) it was established by the
ICSID Convention in 1965 as a delocalised facility under the auspices of the World Bank.
The first group includes arbitration tribunals established according to the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (
ICSID Convention).
ICSID arbitration is available to an investor if that investor's home state and the host state are parties to the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (
ICSID Convention).
For the time being Pakistan has enacted the New York Convention and the
ICSID convention for enforcement of foreign arbitral awards but this does not ensure smooth enforcement.
Argentina-Italy BIT and the
ICSID Convention. (102) Serious doubts exist