High court judge welcomes amending arbitration Act
India has not been a favoured destination for international arbitration
Chennai:“India has not been a favoured destination for international arbitration,” said Justice R. Sudhakar of the Madras high court.
Inaugurating a conference on ‘Multi-sector arbitration - Indian and international perspective’, in the city on Saturday, Justice Sudhakar said there is resentment across the globe against arbitration to resolve disputes arising from international commercial agreements and other international relationships in the country. Parties outside the country avoid Indian shores and the Indian legal system. As a result, Indian counterparts suffer a great deal. Many parties/firms of Indian origin suffer arbitral awards outside the country without proper defence, said Justice Sudhakar.
To provide an effective mechanism for resolution of disputes through arbitration, the Arbitration Act, 1940 was introduced in the country. Subsequently, it was amended by the Arbitration and Conciliation Act, 1996. Recently, the law commission sent a report to the Centre suggesting amendments to the Act.
“If these amendments come into force, it will go a long way in providing an effective platform for resolution through arbitration, reduce the burden of courts and show that India can be a favoured destination for resolution of disputes through arbitration,” Justice Sudhakar added. Additional advocate general, Madras high court, and member, executive committee, SICCI, P.H. Arvindh Pandian, said, “The recent verdicts by the Supreme Court and high courts on the law of arbitration are in tune with international arbitration laws for disputes involving cross-border transactions.”
Advocate and solicitor from Singapore, Bazul Ashaab, said while judges in HC’s in India deal with a large number of cases, their counterparts in Singapore conduct hearings for 1 to 10 cases a day. President of SICCI, Jawahar Vadivelu, welcomed the gathering, and secretary, SICCI, S. Raghavan, spoke.
( Source : dc correspondent )