ABSTRACT The Coronavirus Disease 2019 (Covid-19) pandemic has forced States to adopt a number of regulatory responses, which, in turn, could negatively impact foreign investors. Thus, many apprehend that foreign investors might bring investor-State dispute settlement (ISDS) claims against States under different bilateral investment treaties. The Covid-19 pandemic has badly affected India, forcing India to adopt a national lockdown to slow down the spread of the disease. The lockdown ran for several weeks bringing a large range of economic activities to a grinding halt. In this context, this article argues that if ISDS claims are brought against India, India will be able to defend its Covid-19 regulatory measures under the treaty defences given as part of the non-precluded measures provision and as an exception to the expropriation provision. Further, India will also be able to rely on the police powers doctrine emanating from customary international law. Given the scale of the pandemic, the tribunals should grant substantial deference to India while adjudicating upon its Covid-19-related regulatory measures.

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Covid-19、印度和投资者-国家争端解决机制 (ISDS)：印度能否捍卫其公共卫生措施？

摘要 2019 年冠状病毒病 (Covid-19) 大流行迫使各国采取多项监管措施，这反过来又可能对外国投资者产生负面影响。因此，许多人担心外国投资者可能会根据不同的双边投资条约对国家提出投资者与国家争端解决 (ISDS) 索赔。Covid-19 大流行严重影响了印度，迫使印度采取全国封锁措施以减缓疾病的传播。封锁持续了数周，导致大量经济活动陷入停顿。在这种情况下，本文认为，如果对印度提出 ISDS 索赔，印度将能够根据作为非排除措施条款的一部分和征用条款的例外提供的条约抗辩为其 Covid-19 监管措施进行辩护. 此外，印度还将能够依赖源自习惯国际法的警察权力原则。鉴于大流行的规模，仲裁庭应在对与 Covid-19 相关的监管措施作出裁决时给予印度极大的尊重。