Manish Aggarwal, a partner in the London office of Three Crowns, will moderate a webinar on“Substantive Protections: Fair and Equitable Treatment and Expropriation,” part of a five-session series on investment treaty arbitration co-hosted by the Mumbai Centre for International Arbitration and FTI Consulting and supported by Three Crowns as a Knowledge Partner.  The webinar takes place on Thursday, 1 October, from 4 pm to 6 pm IST (GMT +5:30).

Click HERE to register for this session.

Substantive Protections: Fair and Equitable Treatment and Expropriation

In this session, the panellists will discuss the arbitral jurisprudence and share practical insights regarding the interpretation and application of two core substantive protections contained in international investment agreements: the fair and equitable treatment (FET) obligation and the protection against unlawful expropriation.

Among other items, the panellists will discuss:

  • The multi-dimensional nature of the FET standard, including the role of legitimate expectations and proportionality
  • Test(s) for determination of indirect expropriations
  • Practical relevance of the distinction between lawful and unlawful expropriations
  • Interaction between host States’ right to regulate and the FET standard and protection against unlawful expropriation



Aggarwal is a dual-qualified English solicitor and Indian advocate. He has extensive experience representing and conducting advocacy for corporations and States in commercial and investment treaty arbitrations in a broad range of sectors (including energy, infrastructure, pharmaceuticals, telecommunications, and technology) under all major arbitration rules.

Aggarwal is recognised by Who’s Who Legal as a “Future Leader” in Arbitration and The Legal 500 UK as a “Next Generation Partner” in both International Arbitration and Public International Law.

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