This article discusses the extent to which party autonomy permits, in relation to contracts between two or more Indian parties and by reference to Indian statute and case law (in particular with regard to public policy and mandatory rules of law), the choice of (1) a foreign seat, and (2) a foreign substantive law.This article discusses how Indian courts have addressed the consequences of insolvency intersecting with arbitration in India, with regard both to India-seated arbitrations and the recognition and enforcement of foreign awards. It also compares the position in England & Wales, Hong Kong and Singapore in such cases and comments on the way forward for India.