India is all set to have a modern arbitration centre on the models of world-acclaimed reconciliation units at Singapore and London for quick justice delivery in corporate litigations.
The arbitration centre, a brainchild of Chief Justice of the Delhi High Court A P Shah, will match the standards of Singapore International Arbitration Centre and London Court of International Arbitration Centre. It is not only aimed at reducing the burden on the judiciary but also providing time-bound disposal of corporate disputes.
The centre would operate from Delhi High Court premises under its supervision, an official statement said.
With the coming up of this mechanism of alternate dispute redressal, the companies will no longer have to opt for overseas destination for seat of arbitration.
The legal fraternity is enthusiastic about the upcoming Centre and corporate houses are confident of getting quick and cost-competitive justice.
“It is a move in a right direction as it was overdue for a long period. It will help industry to resolve their disputes in its own land which will not only be cost-competitive but also prove to be absolutely non-cumbersome,” Swati Piramal, president of the apex industry body ASSOCHAM, said.
Senior Advocate Rajeev Nayar, who is a member of the governing body of the centre, said arbitration process had not been satisfactory in the country so far and setting up of the unit would prove a milestone in the alternate dispute resolution mechanism.
“It's a good effort by the Chief Justice of Delhi High Court that he has taken initiative in setting up a world class institution on the models of the Singapore and London centres," Nayar said.
“There are too many instances of awards not being given for years even after the formal proceedings before the arbitrator have been concluded. As a result, arbitration proceedings have, so far, resulted in delay and heavy costs but with the coming up of the centre there will be no such problem,” he said.
