Vyapak Desai

Vyapak is regularly instructed as counsel in international commercial arbitrations under all of the major institutional rules (SIAC, LCIA, ICC, ICDR-AAA, HKIAC, MCIA, UNCITRAL and the Arbitration Institute of the Finland Chambers of Commerce), with seats across Asia and Europe. Many of his arbitrations involve complex multi-contract, multi-jurisdictional structures and substantial sums in dispute.

Featured International Commercial Arbitration cases

Acting for one of India’s largest cryptocurrency exchange in a shareholder dispute administered under SIAC Rules and governed by Singapore law, against an international cryptocurrency exchange.

Acting for India’s second-largest healthcare provider in a multi-million dollar arbitration and related Indian court proceedings concerning the failed acquisition of a 100% interest in an entity owning and operating over twelve speciality hospitals nationwide. Representation extended to the appellate stages of the Indian court proceedings before the matter was amicably discontinued.

Acting for a Sri Lankan investor in an SIAC arbitration (governed under English law) against Maldivian counterparties in an investment-exit dispute arising out of a resort development project. Secured interim relief; matter concluded by consent award following favourable settlement.

Acting for an Indian cable manufacturer in a multi-million euro LCIA arbitration against its Italian joint-venture partner concerning operations in India. The arbitration involved several days of intense cross-examination in London. The award was subsequently the subject of enforcement and challenge proceedings up to the Supreme Court of India, producing a landmark judgment on the enforcement of foreign awards in India.

Represented a Hong Kong based private equity fund against an Indian conglomerate in a multi-million dollar arbitration under the ICC Arbitration Rules involving an exit dispute under the shareholders agreement.

Acted as assisting counsel in proceedings before the Singapore High Court in a unique restructuring scheme arising out of a cyber-attack. Following a large-scale hack of the cryptocurrency wallets of India’s largest cryptocurrency exchange resulting in losses exceeding USD 240 million, a novel scheme of arrangement was devised to allow the exchange to survive as a going concern and repay its users in full over time rather than face liquidation. The Singapore High Court approved the scheme, involving intersection of insolvency law, digital assets, and cross-border restructuring.

Acted as assisting Counsel in UK Privy Council proceedings challenging the judgement passed by the Hon’ble Supreme Court of Mauritius in a matter involving setting aside of an arbitral award.

Acted as Indian law expert in a UK Court litigation. Opinion accepted in favour of client.

Acting for a major Finnish investment fund in an arbitration administered under the rules of the Arbitration Institute of the Finland Chambers of Commerce, and in parallel asset-protection proceedings before the Indian courts (in which a court receiver was appointed over the borrower’s Indian assets, and disclosure and injunctive relief obtained over all disclosed assets).

Acting for a large Japanese chemicals company (award-holder) in enforcement proceedings before the Bombay High Court in respect of an ICC arbitral award seated in Singapore — an important enforcement decision under the New York Convention in India.

Acting for a large Indian mine-owner in a multi-million dollar arbitration against a leading steel company; matter currently at the document-production stage, with significant contested issues as to the stamping of the underlying agreements.