Curtis defeats $400 million investment treaty claim brought against India

Curtis obtained a complete victory for the Republic of India in a US$400 million UNCITRAL investment treaty arbitration brought by Tenoch Holdings Ltd., Maxim Naumchenko and Andrey Poluektov (PCA Case No. 2013-23). In its award rendered on July 19, 2019, the Tribunal dismissed all claims in their entirety. The award was later announced by India’s Press Information Bureau on January 20, 2020. The arbitration arose out of the cancellation of Letters of Intent for the issuance of telecommunications licences to provide 2G services in five telecommunications circles in India by reason, inter alia, of India’s essential security interests. The Republic of India was represented by a Curtis team led by Ben Preziosi, Fernando Tupa and Fuad Zarbiyev.

Click here to read the official press release from the Government of India’s Press Information Bureau