Supreme Court judge Justice Surya Kant said on Sunday that the scope of arbitration in India is evolving, making it a preferred venue for arbitration and dispute resolution. He also said that creating a sustainable environment for arbitrage will attract more businesses and build a trusting relationship with foreign businesses.
At a joint summit on arbitration and dispute resolution organized by the Indian Institute of Management (IIM) Rohtak at the Delhi High Court, Justice Kant said that arbitration encourages foreign businesses to enter the Indian market and promises smooth dispute resolution.
“Conditions in India are improving and the scope of arbitration is evolving, making the country a preferred venue for arbitration and dispute resolution,” Justice Kant said in a press release.
“The MoU entered into by the India International Arbitration Center (IIAC) and IIM Rohtak will help create a good pathway to arbitration and increase awareness of business-to-business arbitration, especially in cross-border and international disputes.
“IIM Rohtak has world-class expertise in management practices, consumer decision-making, supply chain, public policy, technology and economics and can help IIAC leverage its expertise,” Justice Kant said.
Institutional arbitration must be encouraged in India to be more dynamic
He added that together this has a unique potential and opportunity to truly make India an arbitrage center for the world. As young people come together, this talent is an amalgamation of many businesses, he said.
Justice Kant suggested that institutional arbitration must be encouraged in India to be more dynamic and concrete with capable expertise.
On the occasion, a Memorandum of Understanding (MoU) was signed between IIAC and IIM Rohtak. The event also witnessed panel discussions on “Discussion on Best Practices in Commercial Arbitration” and “Efficient and Effective Dispute Resolution to Create a Positive Business Environment” with industry experts and leaders.
Chief Justice of the Delhi High Court Satish Chandra Sharma said that arbitration is creating an enabling environment for businesses for their disputes and that it will continue to grow.
He added that the most important thing in arbitration is to have a time frame. Professor Dheeraj Sharma, Director, IIM Rohtak, said, “Arbitration is the key to saving the huge wastage of money and lack of positive manpower that comes with not participating in arbitration.”
He further added that it is important that good arbitration and dispute resolution are fundamental to creating a conducive business environment as one moves towards a $5 billion industry.