The White Industries award – Shades of Grey

This article assesses and provides context to India’s first (complete) investor-state arbitration i.e. the recent award in White Industries v. Republic of India. It discusses the general framework of India’s investment treaty obligations and, in specific, the ​‘denial of justice’ and ​‘effective means’ standards via three sections: the first introduces India’s experience with investment arbitration and its BIT framework, the second overviews standards of investment protection under international law, and the third discusses the White Industries award — analyzing the legal contest and its outcome.