Minimum interference, max execution core principles of arbitration: CJI
10/12/2017
NEW DELHI, Dec 9: A friendly judicial approach with minimum interference and maximum execution should be core principles of arbitration in any dispute, Chief Justice of India (CJI) Dipak Misra said on Saturday.
Addressing an international conference organised by Indian Council of Arbitration (ICA) here, Justice Mishra said that implementation was the foundation of any result that comes through arbitration institutional or in court.
Stating that India will have a pivotal place in the world of arbitration in future, Justice Mishara said institutional arbitration as an alternative dispute redressal mechanism will continue to mark its presence in the country.
“India will play pivotal role in arbitration. India has travelled from Bhatia International case to BALCO case. Indian courts are not scared of accepting foreign jurisdiction.”
“Indian courts are not scared of accepting foreign jurisdiction if the parties agree by their agreements,’ Justice Misra said. “The idea of institutional arbitration has come to stay in India? An award passed by an arbitrator cannot be a paper tiger,” Hustice Misra said.
“This institutional arbitration is more effective than ad hoc ones. We have to see how to improve this arbitration,” he said. Speaking about the role of law in economy, he said both move together as economy is not a static phenomenon and in view of this the Arbitration and Conciliation (Amendment) Act, 2015, was made to sort out pain points in it.
It has connected the law and economy in three ways by emphasising on speedy disposal, cost-effective arbitration and objectivity and impartiality of the arbitrator.
“These are the safeguards in the Act,” Justice Misra added. He said, of late, private individuals and private sectors are opting for institutional arbitration.
“Our legislation provides international measures. An arbitrator during the process of arbitration can enter into mediation? what is mediation is not specifically defined in our jurisdiction...
The arbitrator can take that role that…by negotiating intent that you can settle,” he said. The conference was also addressed by Supreme Court Judge Madan B Lokur and a host of foreign legal experts.
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