New Delhi: Law Minister Kiren Rijiju on Tuesday said that the Indian judiciary is playing an important role in promoting alternative dispute resolution mechanisms, particularly in arbitration and arbitration, and the country’s courts have consistently adopted an arbitration-friendly approach which has bolstered the confidence of stakeholders. has strengthened.
The Union Minister noted in the presence of Chief Justice of India NV Ramana that the Supreme Court recently paved the way for the implementation of emergency arbitral awards in sitting arbitrations in India in the Amazon-Future Group case.
“Thus, the Indian judiciary has always been proactive in promoting the ADR mechanism and this has strengthened the confidence of stakeholders,” Rijiju said in his keynote address at the “Arbitration of India-UK Commercial Disputes” conference held in London.
“In the presence of the CJI, I take this opportunity to inform that the Indian judiciary is playing an important role in promoting the ADR mechanism especially arbitration and arbitration. Courts in India have consistently adopted a friendly approach to arbitration.
“Recently, the Supreme Court of India paved the way for the implementation of emergency arbitral awards in sitting arbitrations in India in the Amazon-Future Group case. Thus, the Indian judiciary has always been proactive in promoting the ADR mechanism and this has helped the stakeholders. His faith has strengthened,” he said.
According to the text of the speech provided by the Law Ministry, Rijiju said that while India has made a great progress in the areas of development and governance domestically, it has left a mark in encouraging cooperation between countries at the global level. .
In this context, he said that India will assume the presidency of the G20 for the first time this year from December 1 to November 30, 2023, culminating with the holding of the G20 summit in India in 2023.
“As we know, the G-20 nations, of which India is a founding member, play a strategic role in achieving future global economic growth and prosperity. To achieve this objective, there is a need for continuous exercise in the respective jurisdictions, inter alia, to strengthen the enforcement of contracts and related alternative dispute resolution mechanisms. Such measures will lead to increased economic and financial cooperation between different countries,” he said.
The Minister emphasized that he firmly believes that the Arbitration Law will prove to be a significant reform towards giving wider recognition to arbitration and enabling the development of a culture of amicable settlement of disputes out of court.
“A successful agreement not only helps to preserve the relationship between the parties making life easier but also contributes to the growth of the economy,” he said.
In order to keep pace with the current developments in the arbitration sector and to enable arbitration as a viable dispute resolution mechanism, the Indian Arbitration Law has undergone significant amendments in 2015, 2019 and 2021.
“The changes in the law signal a paradigm shift to ensure timely conclusion of arbitration proceedings, reduce judicial interference in the arbitration process and enforce arbitral awards. The amendments are aimed at promoting institutional arbitration, best global practices The law is to be updated to reflect this and resolve ambiguities thereby establishing an arbitration ecosystem where arbitral institutions can flourish,” Rijiju said.
He also said that the legislative framework has been enabled to promote institutional arbitration by the proposed setting up of the Arbitration Council of India (ACI) which will grade arbitral institutions in the country. -PTI
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