Global And Domestic Perspective Of The Third- Party Funding In Arbitration
- IJLLR Journal
- May 14
- 1 min read
Aman Sinsinwar, Chanakya National Law University, Patna.
Kashish Ahuja, Chanakya National Law University, Patna.
ABSTRACT
This article delves into the concept of Third-Party Funding in arbitration, wherein any other party, which is not a party to the suit funds the proceedings. Internationally, TPF has gained prominence and has been accepted as a valid legal practice in countries like United Kingdom, Hong Kong and Singapore. India continues to rely solely on the judicial precedents, lacking any legislative enactment. Arbitration is governed by the Arbitration and Conciliation Act, 1996, but lacks any provision regarding TPF. This article deals with the status of TPF in the Indian perspective with an overview of the domestic perspectives. Further, it states the advantages of TPF, and the core challenges faced in its implementation. The article concludes with the suggestive reforms that can be adopted for the regulation of TPF.
