If India wants to attract investments, it needs to develop a good institutional arbitration system with minimum interference of courts and maximum execution of arbitration awards, the Chief Justice of India, Dipak Misra, today said.
Justice Misra stressed that the country needs to adjust without surrendering “our conceptual sovereignty”. The shift has to be towards institutional arbitration while also keeping in mind the interests of the country.
He was speaking at ‘International Conference on Arbitration in the Era of Globalisation’ here.
“There is a need and there is a purpose. When you are handling a complex economy, there has to be structural adjudication of disputes,” Justice Misra said. He added that “apart from the legal issue, it is an issue of getting the investment” and that “India has to inculcate faith in the global investors that it has a very good institutional arbitrator system.”
“It is not the human nature alone but the commercial perceptions, the clauses in the contract and swings in the business sometimes attract arbitrations,” he said, adding that alternative dispute resolution system has gained priority and arbitration is one of them.
Regarding international disputes, the Chief Justice said that they are required to be solved through international dispute resolution mechanism.
“We have to adjust. But when we adjust, we don’t surrender our conceptual sovereignty. And that is where is India has to grow its own arbitration system so that people from other jurisdictions get attracted to have arbitration proceedings here...While doing business, you also have to look after the interest of the country,” he said.
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