Damages Awarded By Foreign Court Cannot Be Subject To FEMA, RBI Ceiling: Delhi High Court

The Delhi High Court on Monday held that damages awarded by a competent foreign court for breach of contract cannot be subjected to ceilings prescribed under the Foreign Exchange Management Act or RBI guidelines. “In my considered view, the amounts awarded by a competent Court, whether Indian or foreign, towards damages for breach of contract, cannot be subject to ceilings prescribed under FEMA and/or RBI directions/circulars,” Justice Amit Bansal observed while allowing execution of an English...