New Delhi, Dec 9: Chief Justice of India (CJI), Justice Dipak Misra has suggested a model for
ensuring timely, cost-effective and impartial arbitration ecosystem in the
country, which can make India a global hub of arbitration.
In his inaugural address at the ICA-FICCI “International
conference: Arbitration in the Era of Globalisation” on Saturday, Justice Misra
said, "while talking about court-annexed arbitration, I must say I am in
favour of institutional arbitration like ICA, MCA and whatever they are having
throughout the country …. the shift has to be towards institutional
arbitration, there is a need and there is a purpose. When you are handling a
complex economy, there has to be a structural adjudication of disputes”.
CJI said that a friendly judicial approach with minimum interference and maximum execution should be core principles of arbitration in any dispute.
Justice Mishra said that implementation was the foundation of any result that comes through arbitration – institutional or in court.
“India will play pivotal role in arbitration. India has travelled from Bhatia International case to BALCO case. Indian courts are not scared of accepting foreign jurisdiction.”
He stressed that, “In the US, UK and other progressive countries, they have realised and we have also realised that the best way to serve commercial disputes are not the court litigations, there has to be alternate dispute resolution system”.
Justice Misra said, “India has to grow to have its own arbitral system – so that the people from other jurisdictions get attracted to have arbitration proceedings in India”.
He pointed out that sometimes the business agreements are so drafted by the companies that the concept of jurisdiction shifts from India to outside, and said “That is your choice. Nobody can impose a contractual choice on you, but if you are doing business, you must look after the interest of the country”.
Justice Misra also made it clear that an essential element of a robust arbitration system would be ensuring minimum interference and maximum executability. UNI
CJI said that a friendly judicial approach with minimum interference and maximum execution should be core principles of arbitration in any dispute.
Justice Mishra said that implementation was the foundation of any result that comes through arbitration – institutional or in court.
“India will play pivotal role in arbitration. India has travelled from Bhatia International case to BALCO case. Indian courts are not scared of accepting foreign jurisdiction.”
He stressed that, “In the US, UK and other progressive countries, they have realised and we have also realised that the best way to serve commercial disputes are not the court litigations, there has to be alternate dispute resolution system”.
Justice Misra said, “India has to grow to have its own arbitral system – so that the people from other jurisdictions get attracted to have arbitration proceedings in India”.
He pointed out that sometimes the business agreements are so drafted by the companies that the concept of jurisdiction shifts from India to outside, and said “That is your choice. Nobody can impose a contractual choice on you, but if you are doing business, you must look after the interest of the country”.
Justice Misra also made it clear that an essential element of a robust arbitration system would be ensuring minimum interference and maximum executability. UNI
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