Financial Daily from THE HINDU group of publications
Thursday, Jan 08, 2004
Financial Daily from THE HINDU group of publications Thursday, Jan 08, 2004 |
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Industry & Economy
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Courts/Legal Issues `India must create efficient, low-cost arbitration system' Our Bureau
New Delhi , Jan. 7 INDIA should strive for the creation of an efficient and low-cost arbitration system that could turn into a forex earner for the country besides ensuring a speedy resolution of disputes, according to the Chief Justice of India, Mr V.N. Khare. Inaugurating a colloquium on "Accelerating Institutional Arbitration", organised by the Indian Council of Arbitration here today, Mr Khare held that there was potential for "export of justice" from India. Citing fast-growing international commercial trade, Mr Khare stressed the need for expeditious settlement of disputes between parties. He pointed out that many developed economies are keen to have business relations with India. "Multinational companies have come up who are having business with India. They cannot wait for a longer period for resolution of their commercial disputes," Mr Khare said. He underscored the need for arbitral institutions as provider of Alternative Dispute Resolution (ADR) services for quicker, less expensive and consensual resolution of civil disputes outside the crowded court system. Mr Khare pointed out that the idea of use of arbitral institutions for arbitration has already gained a strong footing at international level. He highlighted that the professional experience and expertise available with an arbitral institution facilitates economical and expeditious conduct of arbitrations and adds to certainty and finality of the proceedings. In his address, Mr Rajendra S. Lodha, President, ICA, drew attention of the Chief Justice to the delay in appointment of the arbitrators by the courts under Section 11 of the Indian Arbitration Act. He suggested that "well recognised arbitral institutions such as ICA" should be made part of the scheme under Section 11.
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