Speaking to the gathering at Annual Meet of Indo-German Chamber of Commerce, the Chief Justice of India, NV Ramana highlighted the need to create adequate infrastructure to facilitate resolution of disputes especially in developing countries.
"It is of utmost importance that our dispute resolution facilities must match our investment inflows. Today, if we see the geography of International Arbitration, it is mostly concentrated around the business centres of the developed world: Singapore, London, Paris or Stockholm. This is despite the fact that most disputes are generated in the developing world. Due to a severe lack of resources and infrastructure, even parties from developing countries choose to resolve their disputes in these established resolution centres at severe cost to them.", he said while stating the need to 'balance' the geography of International Arbitration.
In solution to the same, the CJI suggested establishment of Institutional Arbitration Centers. Saying that it has various benefits, he added:
"The pre-established rules and framework give parties much needed certainty and transparency. An eminent arbitrational institution also guarantees esteemed panelists and arbitrators from across the globe, with rich and diverse experiences and knowledge. This helps parties go through the entire resolution process without any hassle."
He also spoke about the growth of Arbitration in India.
"For the past two decades, India is following the path of actively encouraging arbitration, mediation, and other modes of alternative dispute resolution. India adopted the UNCITRAL Model Law while enacting the Arbitration and Conciliation Act in 1996, to make the arbitral process more efficient and to harmonise it with the international practice and procedure."
He vouched for Indian Constitution being inclusive as it enables any person or entity, including a foreign entity, to approach any legal forum in India for redressal of grievances.
"Indian Courts do not discriminate on the basis of country of origin. All are equal before the Courts of law in India."
The CJI also tried to remove the appprehension in the minds of parties about increasing interference of domestic courts in the arbitration process by assuring that Courts in India assist and support arbitration and leave the substantive part of adjudication to the Arbitral Tribunal itself.
He claimed that Indian Courts are known for their 'pro-arbitration' stance.
Stating that Indian Courts have, over time, allowed broader scope for arbitrability of disputes, he mentioned how this attitude have further increased the importance of International Arbitration, particularly when it comes to countries like India and Germany.
"Technology transfer agreements, licensing rights, royalty rights and other such IPR related agreements are often subjects of arbitration agreements between corporates. To give impetus to arbitration as well as innovation, Indian Courts have allowed such disputes to be arbitrable," he said.
He also highlighted the enactment of Commercial Courts Act which provides for the establishment of dedicated Benches for commercial matters.
"This has led to further streamlining and speedy dispensation of justice in commercial matters. There are instances of the Indian legislature amending the laws to end long pending commercial disputes." he opined.
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(With input from news agency language)
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