Strong Govt support needed for mindset change.

A Government Committee for establishing institutional system of arbitration would soon submit its report recommending changes in the system and law, said a retired Judge.

“But arbitration in India would only change when our attitude towards arbitration would be changed,” said Justice B N Srikrishna, Former Judge, Supreme Court of India.

Justice Srikrishna lamented that arbitration is an enigma in India.

“For implementation of successful arbitration regime, we need to follow the working of international arbitration institutions of othe jurisdictions,” he said at a Symposium on “Building the Future of Domestic and International Arbitration in India” in Mumbai on 29 July 2017. It was organized by the Indian Council of Arbitration and Federation of Indian Chambers of Commerce and Industry.

Arbitration in India would only flourish with massive support of government and expert lawyers, he said.

None of the arbitral institutions in India is up to the global standards, he pointed out.

Prominent international arbitration centers flourish as they are manned by qualified lawyers and each stage of the arbitral process is closely monitored by their secretariat of competent people, he observed.

The lack of this infrastructure is defeating arbitration in India, he added.

He warned that delayed resolution of disputes was affecting the country’s economy.

“Unless we gear up the court system in tandem with arbitration, there will never come a good eco system for arbitration in India,” he said.

In order to bring in good arbitration culture, he suggested judicial officers thoroughly conversant with arbitration, efficient arbitration institutes and dedicated arbitration bar for professionals having full time occupation in arbitration and professional arbitrators.

“It is imperative upon the parties and the institutions to appoint arbitrators on the basis of nature of dispute to have a logical conclusion of arbitration and timely execution of award.

“However, at present, in India, arbitration is regarded and observed as an additional layer of litigation,” noted Justice Srikrishna.

“Yet, the intention should have been arbitration, not litigation, he said, urging legal community to support arbitration as a wholesome system. fii-news.com