News

Experts Share Recent Trends in Indian Arbitration

Jul 15, 2016

MUMBAI, INDIA - World Trade Centre Mumbai organised an interactive panel session on “Emerging trends in International arbitration” as part of its fifth in the series of ‘Make in India’ events at WTC Mumbai Complex on July 15, 2016.

The event was organised to discuss recent trends in the commercial arbitration system in India and the steps to be taken by the government to make India a hub for international commercial arbitration.

Some months ago, the Indian government amended the Arbitration and Conciliation Act 1996 to make the arbitration process more investor-friendly, cost-effective and suitable for expeditious disposal of cases. Speakers in the session mentioned some of the amended clauses in the act and how it would affect commercial arbitration process in the country.

Mr. Lomesh Kiran Nidumuri, Partner, IndusLaw said that India can become a hub for international arbitration if our arbitration system is more robust. “Our laws and judiciary should be in tune with the global arbitration system, our judges need to be sensitised and there should be transparency in the way we resolve disputes,” stated Nidumuri.

Mr. Firoze B Andhyarujina, Senior Advocate, Mumbai High Court said commercial courts can handle commercial disputes between parties in the absence of arbitration clause and it is a fast track option. “Indians have an indigenous method of doing things. Parties agree for arbitration and then challenge it itself! People constantly question the jurisdiction and many a times the arbitrator himself can be thrown out,” he pointed out.

Ms. Poornima Hatti, Partner, Samvad Partners suggested the use of technology to expedite arbitration processes. “Online communication and exchange of documents must be done as it is adopted globally. Also, the writing of the clause of arbitration is very important as it is the fertile area of dispute,” she opined.

Mr. Vyapak Desai, Partner, Nishith Desai remarked that India can become a global arbitration hub if it maintains consistency and chooses institutional framework over ad hoc mechanism. “Emergency arbitration is one area we have refused to acknowledge though the Indian courts have not completely disregarded it,” he pointed out.

Mr. Jayesh H, Founder, Juris Corp mentioned the advantages of adopting E –discovery and Hot tubing methods in arbitration process.

Mr. Hiroo Advani, Senior Partner, Advani & Co touched upon various aspects of the arbitration system, including third party funding and right regulatory framework.

PHOTO (L-R) : Ms. Poornima Hatti, Partner, Samvad, Mr. Firoze Andhyarujina, Senior Advocate, High Court Mumbai, , Mr. Y.R. Warerkar, Executive Director, World Trade Centre Mumbai, Mr. Vyapak Desai, Partner, Nishith Desai Associates

To learn more about WTC Mumbai, click on the source link below:

Source