Supreme Court judge Indu Malhotra on Saturday said that there is a need for India to shift from ad hoc arbitration to institutional arbitration.
Justice Malhotra, who was addressing the 12th Annual International Arbitration Conclave organised by the Nani Palkhivala Arbitration Centre (NPAC), stressed on the need to find recourse within the arbitral process to have a right of internal appeal without widening the contours of judicial review.
She focused her speech on the regime in the 1996 Act and also discussed the provisions pertaining to setting aside of awards, its scope, how expansive it is and what should be the way forward.
"Arbitration is as good as the arbitrator who conducts the arbitration. It is necessary to appoint trained arbitrators with domain knowledge of the subject, and persons of integrity, rather than widen the scope of judicial review," Justice Malhotra added.
The conference provided a platform for international speakers from various disciplines to discuss the most pressing challenges faced by the arbitration regime in India.
The conclave saw close to 250 advocates, CEOs, academicians, financial intermediaries, students and others actively participating in discussions on various issues of contemporary interest.
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