International Commercial Arbitration In India

Discontentment with the traditional rigid and adversarial state court system has led to the emergence of other popular methods of alternative dispute resolution ("ADR") procedures, which include inter alia: arbitration, negotiation, mediation, conciliation, dispute review boards and expert determination etc.

Arbitration Brief, 2012

The Management Accountant, 2020

The present paper conceptually discusses on the importance of The arbitration and conciliation Act, 2019 and its impact on business and commercial dispute settlement in Indian scenario and also it analyses how the Act positively impact on ease of doing business and on CMA profession in India.

SSRN Electronic Journal

International commercial arbitration is the process of resolving business disputes between or among transnational parties through the use of one or more arbitrators rather than through the courts. It requires the agreement of the parties, which is usually given via an arbitration clause that is inserted into the contract or business agreement. The decision is usually binding. International commercial arbitration is one of the most popular methods of dispute resolution in international trade. The increasing significance of inter-state trade and the links it forges between enterprises across borders help develop international methods of dispute resolution.

M S Ramaiah Journal of Law (MSRJL), 2018

In the wake of modernization and globalization, the spheres like trade and commerce have been witnessed an immense progress which is axiomatic in the developing countries like India also. As the foreign investment enters into the Indian market, the dispute which was earlier shaped in a limited nature and confined to the domestic territory, has now grown with a high demand for international recognition of such disputes and their resolution methods. This is where the demand for ad-hoc arbitration is prevailed by the institutional arbitration. Unlike the ad-hoc arbitration, India's status as a seat for International commercial arbitration is still an undeveloped road due to the vices thwarting the walls of Institutional arbitration. However, the recent 2018 amendment bill on Arbitration and Conciliation Act, 1996 throws some light on the concept of institutional arbitration with an endeavor to uplift India's position in the global periphery of alternate dispute resolution. But, on the contrary, the road of institutional arbitration is yet to bear the fruit due to the loopholes remaining underneath the surface of it, despite introducing amendments or constituting committee. Hence, quality of the report of the committee so constituted and a real-time check on the amendments so introduced are a high need of the hour to make India globally recognized in the context of institutionalism. This research paper thus focuses on the journey from ad-hoc arbitration to the need and promotion of institutional arbitration in India followed by the changes introduced in 2018 Amendment Bill to that effect. Further, by pointing out the flaws which are yet to remove from the Principal Act and its amendments, this research paper recommends a quality-review followed by enactment of an effective procedural law.

International Journal of Law and Social Sciences

The traditional role of public policy was to limit the scope offoreign law, recognition, and enforcement of foreign judgments or awards. Sometimes domestic courts use this doctrine to strike down the foreign arbitral awards. Though the disputing parties are free to choose applicable laws in international commercial arbitration, when it comes to the recognition and enforcement of an award they rely on the domestic laws and courts. If the court thinks that an award before them deals with a matter violates public policy, the court may refuse to recognise and enforce it. There is no uniformity in public policy notion among the states, it has been interpreted in different ways indifferent jurisdictions so it becomes very difficult to say which award will be allowed and which will violate the principle. Therefore, it becomes a big hurdle in the way of international commercial arbitration. To deal with this issue Indian judiciary took a step to define it and limit the scope doctrine of pub...

Academic Journal of Interdisciplinary Studies, 2014

The institute of international commercial arbitration, improving especially in the twentieth century, is considered as an important alternative to resolve disputes. Currently, in international commercial contracts the agreement of which way to choose in order to solve possible disputes, occupies a central role in the contractual provisions as a whole. The rapid development of international trade, the increase of investments in foreign countries that operate each with their own legislations, the need for an agreement to be found as soon as possible and for the process as a whole to respect confidentiality and to apply the rules of procedure in a flexible way represent significant reasons why disputing parties prefer international commercial arbitration to judiciary. The analysis of such advantages as well as of the different types of international commercial arbitration with a special attention to the Albanian law concerning international arbitration will be the focus of our paper.

2020

The article is a legislative comment on the Arbitration & Conciliation (Amendment) Bill introduced in 2019 keeping in mind Arbitration in the International context and comparing it with the Amendment Act and the Legislature in Indian context. <br> The new 2019 amendment, envisages major changes which will be discussed in this Article vis-à-vis International Arbitration. The article critically analyzes some of its provisions to understand if it is indeed a step in the right direction for India to become a hub for international arbitration. The analysis and comments in this article are solely and exclusively from the standpoint of international<br> arbitration. <br> Thus, the Arbitration and Conciliation Act in India needs to be looked at in reference to both international and principles of Indian law. The uncertainty would arise mainly in context of the rules which the parties frame in the course of arbitration, which have not been codified. Thus, this practice must...

International Journal of Interdisciplinary Research and Innovations, 2016

Arbitration is a procedure that efficiently resolves disputes between parties. As alternative procedure, arbitration has begun to dominate globally in disputes between businesses. More complicated disputes and those with larger amounts, all over the world are solved by arbitration tribunals. While in economic terms, arbitration is the process of taking advantage of price differences in money, precious metals or stocks. If we assume that buying and selling is to be fulfilled at the same time, then the arbitrator is not responsible for any risk. Positive differences between the sales price and the purchase price, is the benefit of an arbitrator. During the study of literature research we did the evaluation of arbitration made in economic and legal terms. Making clarification of arbitration, the article will include possible differences and similarities in these two different areas, additionally its application in the international field. 1. ARBITRAGE IN LEGAL ASPECT This chapter provides an introductory presentation on arbitration as a form of dispute resolution. Chapter describes the development of arbitration over time, its advantages and disadvantages compared with the judiciary and other forms of dispute resolution. 1.1. Summary for Arbitration: Disputes shown between the parties which are based on any contract or agreement for a long time have been resolved only by the competent court. But with the development of economy and trade, these disputes have evolved and therefore appeared the necessity for alternative and more efficient ways to resolve such disputes besides the courts. One of these methods is also arbitration. Although considered a new method and alternative way, arbitration along with mediation and negotiation, present methods that have been used since the earliest times to resolve disputes, thus we can say that these alternative methods are ancestors of the courts to which we turn today. Arbitration can be defined as an agreement between two or more persons, that some or all legal disputes which have arisen or which may arise between them, to subject to arbitration (Assembly of Kosovo, Law no. 02/L-75, Article 2). So, arbitration is based on a preliminary agreement whereby the parties agree that in case of dispute the resolution will be made in the midst of arbitration rather than court, this agreement explicitly excludes the jurisdiction of the courts and gives competence to arbitration. It should be noted that the arbitration agreement is valid only if it is written down. This order is beginning to popularize every day more and more because the businesses are aware that in addition to court proceedings, arbitration is a more informal, faster, cheaper and also more private and confidential. Arbitration compared with the proceedings has its advantages and disadvantages. Can be considered as priority the speed of dispute resolution, low cost, confidentiality, the expertise of the arbitrator in the relative field, the selection of arbitrators by the parties themselves and the decision shall be final and binding on the parties. While the shortcomings of arbitration can count impossibility of appeal against decisions of arbitrator, the possibility of verification of the actual situation is more limited compared to courts, arbitrators when necessary cannot take action against the parties, execution of the arbitration decision is more difficult compared to court " s decision.

‘Arbitration’ as a mechanism of justice is as old as civilization. Arbitration literally means a mechanism in law which encourages parties to settle their differences privately either by mutual consensus or by mediation of a third person. It was prevalent under the Roman law and the Greek civilization in the sixth century. Earlier in England, the attitude towards arbitration was generally hostile but business exigencies changed the scene, in course of time as a yielding place for commercial arbitration. Ancient India had many traditions of arbitration/ mediation up to the medieval period.

International Journal of Social Science and Human Research

Arbitration is an alternative dispute resolution method (ADR) and has now become one of the preferred mechanisms chosen by parties to settle disputes of a commercial nature. There is no proper definition of arbitration and unlike court proceedings; it is a voluntary agreement agreed to by the disputing parties and the decision also known as the arbitral award is binding upon them. Arbitration is quasi-judicial in nature and an arbitrator often referred to as a private judge is a person who adjudicates on disputes submitted to him or her by the parties.1According to Sir John Donaldson, ‘arbitrators and judges are partners in business of dispensing justice, the judges in the public sector and the arbitrators in the private sector.’2 Nowadays, arbitration is an emerging trend and the popularity of such a system can be attributed to many advantages it offers compared to litigation. The main fundamental features of arbitration among many others are flexibility, confidentiality, impartial...

SSRN Electronic Journal, 2000