The dispute resolution process has a huge impact on the Indian Economy
In order to build confidence among international investors it is very necessary to establish that dispute redressal system in India will not be time consuming, Hon’ble Mr Justice B.R. Gavai, Judge, Supreme Court of India said at Global Conference on International Commercial Arbitration organised by ASSOCHAM in New Delhi today.
Extending his best wishes for the conference he said, “Such conferences would go a long way in solving the nitty-gritties, the problems that Indian arbitration system faces and also the provide solutions therefore.”
He further added,“Today’s conference will go a long way in emerging India as a preferred arbitration destination. It will go a long way in resolving international commercial disputes in India in a shortest possible manner. It will go a long way in growing India as one of the most emerging economies of the world.”
In his keynote address at the ASSOCHAM conference, Hon’ble Mr Justice Hari Shankar, Judge, Delhi High Courttalked about the statutory scenario of International Commercial arbitration in India. He said that international commercial arbitration today has achieved a great deal of significance and in years to come commercial disputes in international arena are most likely to be completely resolved by arbitral process rather than litigation process. So it is essential that such conferences where we get to know the nitty-gritties of international commercial arbitration are welcome and are held more often.
Delivering Welcome Address, Shri Vineet Agarwal, Vice President, ASSOCHAM said,“The ASSOCHAM National Council on Arbitration seeks to nurture and provide opportunity to arbitration practitioners in the country as a platform for networking with other counterparts in foreign countries. Today’s global conference on International commercial arbitration is part of our endeavor to bring together best minds of the world to discuss and debate on issues that are of concern to everyone.”
He further said,“The dispute resolution process has a huge impact on the Indian Economy and the global perception of doing business in India. This is clearly indicated by the World Bank rating on ease of doing business. Hence, it is very imperative for us to discuss effect and implications of amended arbitration and reconciliation bill and establishment of commercial partners.India is on track to build confidence in its legal system which is the fundamental condition for any country to become International Arbitration venue.”
Delivering special address Dr. Richard Wilson QC, LL.D, Queen’s Counsel, Barrister, Doctor of Laws, The 36 Group (Barrister’s Chambers), London UKgave brief overview of international commercial arbitration and what it takes for India to be a preferred seat for International commercial arbitration.
Emphasizing the role of international commercial dispute resolution for the future of Indian trade and business, Mr Wilson highlighted the need for India to develop its own arbitration institutions fit for the purpose and future purpose of international commercial arbitration.
He said that such institutions will support country’s rise as a future giant in global trade when there is likely to be a massive quantum increase in cross border trade which will then almost inevitably result in massive quantum increase in dispute between trading parties.
Addressing the inaugural session, Mr. Mukundkam Sharma, Judge, Supreme Court of India (Retd.)discussed the evolution of concept of arbitration in India and amendments in arbitration laws. He highlighted the need to expedite arbitration proceedingsin the country to make India anInternational hub for commercial arbitration.
The conference was attended by several legal luminaries like Justice Surya Kant Hon’ble Judge Supreme Court of India; Mr Niels Schiersing, Independent Arbitrator, Member of Arbitration Chambers Hong Kong & London, Dubai, UAE; Ms. Vasanti Selvaratnam QC,The 36 Group, London, UK; Professor Malik Laazouzi , University Paris II Pantheon-Assas, France; Dr. Jamsheed Peeroo, Vice President MARC advisory Board, Barrister, The 36 Group London UK, and Peeroo Chambers, Mauritius; Shri K K Sharma, Chairman, ASSOCHAM National Council on Arbitration & Senior Advocate, Supreme Court of India; Shri Deepak Chauhan, Co-Chairman, ASSOCHAM National Council on Arbitration & Director, Legal, Welspun Group
ASSOCHAM organised Global Conference on International Commercial Arbitration to discuss effects and implications of amended Arbitration & Conciliation Bill and establishment of Commercial Courts. The key issues discussed during the conference included developments in Indian Arbitration Scenario, Institutional Arbitration vs Ad-hoc Arbitration, India as a preferred seat for International Commercial Arbitration - Key Issues and Challenges, Issues relating to pre-Arbitration process, Issues relating to Drafting of Arbitration Clauses, Fast Track Provisions for resolution of disputes, Enforcement of Foreign Awards, Role of Courts in Arbitration, Investor-State Arbitration: The Indian-EU experience and recent developments, The Singapore Convention 2019 and the use of Mediation for the Settlement of International commercial disputes.