History And Evolution Of The Arbitration Law In India With Comparison To Singapore
Boddu Harshith Sai, BBA LLB (Hons.), Bennett University
Alternate dispute resolution (ADR) is growing its importance in the present times due to the very fact that the dispute resolution between the parties is settled quickly and the expenses of the procedure are very less in comparison to the litigation. Arbitration is one such form of the Alternate Dispute Resolution (ADR) which means that the dispute between the parties were settled by an impartial third party i.e. arbitrator appointed by the court or by the parties and the decision that has been drawn from the resolution is binding on both the parties. In India the arbitration procedure is governed by the arbitration law. The objective of this research paper is to gives its readers an overview on the concept of arbitration law in India, in comparison with the arbitration law in Singapore. In this paper the history and development of the arbitration law has been shown in the lenses of both the Indian and the Singapore context. While penning this article I have found out that the concept of arbitration started with Lex Mercatoria, a Latin term which in the literal sense is the “Law of the Merchants”, which is primarily followed in the medieval period and later it had transformed into trade laws. On the face of it, the term arbitration in general is basically adjudication of the disputes between the parties by an impartial third party i.e. arbitrator, arbitration is a consensual process in which both the parties come to an agreement to settle down a dispute, to one or more arbitrators who can make a binding decision on the dispute. However, a deeper look into this process, we can surmise that the arbitration is a form of alternative dispute resolution (ADR) in which the disputes between the parties are resolved outside the courts with the help of the third party which simultaneously reduces the unnecessary expenses and will get the justice without any delay that is usually witnessed in the courts and the very purpose of the arbitration in any country is to minimize the intervention of the court and for fast delivery of the justice.
Further, this paper aims to showcase the difference in the procedure followed in India with that of the Singapore Arbitration procedure and what all changes can be made to the Indian procedure in the aspect of the Arbitration Law in order to make it more progressive and make it step forward with the present arbitration law. The detailed analysis of the above mentioned issues have been conducted with the help of the relevant literature, case laws and the relevant legislations in India and Singapore.