Maxim Naumchenko, Andrey Poluektov and Tenoch Holdings Limited v. Republic of India

Case summary

At a glance

Parties: Tenoch Holdings Limited (Cyprus), Maxim Naumchenko and Andrey Poluektov (Russian Federation) v. Republic of India
Case no.: PCA Case No. 2013-23
Forum and rules: UNCITRAL Arbitration Rules 1976, administered by the Permanent Court of Arbitration; seat The Hague, Netherlands
Treaty: India–Russia BIT and India–Cyprus BIT
Sector: Telecommunications (2G licences)
Outcome: All claims dismissed in their entirety by the Award of 19 July 2019, according to India's press release.

The dispute

The claimants were Tenoch Holdings Limited, a Cypriot company, and two Russian nationals, Maxim Naumchenko and Andrey Poluektov. They held Letters of Intent for telecommunications licences to provide 2G services in five telecommunications circles in India. India cancelled the Letters of Intent, among other reasons on grounds of its essential security interests. The claimants brought claims under the India–Russia BIT and the India–Cyprus BIT. The only published document is a press release from India's Ministry of Finance. It does not set out the parties' arguments, the tribunal's reasoning or any amounts.

Key holdings

The Tribunal dismissed all the claims against India in their entirety. The press release gives no reasons for the decision. Respondent Press Release, p. 1
The press release says the cancellation of the Letters of Intent was based, among other reasons, on India's essential security interests. Respondent Press Release, p. 1