The Curious Case Of Arbitration In India
8 years, 5 months ago

The Curious Case Of Arbitration In India

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A reliable and responsive alternate dispute resolution system is essential for rapidly developing countries like India. Geared in the same spirit, critical issues, experience of international arbitration and the future roadmap of strengthening arbitration in India were discussed at the conference ‘National Initiative towards Strengthening Arbitration and Enforcement in India’. Supported by six international arbitration institutions, industry associations and legal fraternity of India, the conference through its intense brainstorming sessions aims to promote commercial arbitration in India. If it is delayed beyond the specified time because of the arbitral tribunal, the fees of the arbitrator will be reduced, up to 5%, for each month of delay.” Speaking on Friday, Finance Minister Arun Jaitely had hailed the provision of Section 29 and had said that an expeditious arbitration mechanism would augment foreign investment in India. Panelists pointed that with only one fully functional arbitration centre in India, the Mumbai Centre for International Arbitration, efforts have to be made to develop other centres as well.

History of this topic

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