(1) In order that a foreign award may be enforceable under this Chapter, it shall be necessary that--
the award has been made in pursuance of a submission to arbitration which is valid under the law applicable thereto;
the subject- matter of the award is capable of settlement by arbitration under the law of India;
the award has been made by the arbitral tribunal provided for in the submission to arbitration or constituted in the manner agreed upon by the parties and in conformity with the law governing the arbitration procedure;
the award has become final in the country in which it has been made, in the sense that it will not be considered as such if it is open to opposition or appeal or
if it is proved that any proceedings for the purpose of contesting the validity of the award are pending;
the enforcement of the award is not contrary to the public policy or the law of India. Explanation.- Without prejudice to the generality of clause (e), it is hereby declared, for the avoidance of any doubt, that an award is in conflict with the public policy of India if the making of the award was induced or affected by fraud or corruption.