Scope of arbitration evolving India becoming preferred place for dispute resolution Justice Surya Kant

New Delhi, Apr 30 (PTI) Supreme Court judge Justice Surya Kant on Sunday said the scope of arbitration in India is evolving, making it a preferred place for arbitration and dispute resolution.
    He also said that establishing a sustainable environment for arbitration will invite further businesses and build a trustworthy relationship with foreign businesses.
    Speaking at a joint summit on arbitration and dispute resolution organised by the Indian Institute of Management (IIM) Rohtak at the Delhi High court, Justice Kant said arbitration incentivizes foreign businesses to enter the Indian market and holds the promise of smooth resolution of disputes.
    "The conditions in India are improving and the scope of arbitration is evolving, making the country a preferred place for arbitration and dispute resolution," a press release quoted Justice Kant as saying.
    "The MoU entered by the India International Arbitration Centre (IIAC) and IIM Rohtak will help create a good pathway towards arbitration and spread awareness about arbitration to business, particularly in cross border and international disputes.
    "IIM Rohtak has a world-class expertise in management practices, consumer decision-making, supply-chain, public policy, technology, and economics, and it can assist IIAC in leveraging its expertise," Justice Kant said.
    He added that together, this has a unique potential and opportunity to truly make India the arbitration hub for the world.
    As the youth come together, this talent is an amalgamation of a multitude of businesses, he said.
    Justice Kant suggested that institutional arbitration must be encouraged in India and it will be more dynamic and specific with able expertise.
    A memorandum of understanding (MoU) was signed between IIAC and IIM Rohtak on the occasion.
    The event also witnessed panel discussions on the topics “Discussing best practices in commercial arbitration” and “Efficient and effective dispute resolution to create a positive business environment” with participation from experts and industry leaders.
    Delhi High Court Chief Justice Satish Chandra Sharma said arbitration creates a beneficial environment for businesses for its disputes and that it will keep growing.
    He added that the most important thing right now in arbitration is to have a time frame.
    Professor Dheeraj Sharma, director, IIM Rohtak, said, "Arbitration is key to save the humongous money wastage and lack of positive labour force that comes with not going for arbitration.”
    He further added that it is important that good arbitration and dispute resolution be the fountainhead for creating a conducive business environment as one moves towards being a 5 billion dollar industry.
    

(This story has not been edited by THE WEEK and is auto-generated from PTI)