Institutional Arbitration In India: A Catalyst To Pave The Way For Fair And Impartial Commercial Justice

Saranya Girish Nair, Symbiosis Centre for Advanced Legal Studies and Research Symbiosis Law School, Pune

ABSTRACT

Institutional arbitration has advanced significantly in India during the past few years, and it has a bright future in the field of Dispute settlement. It has various benefits from Ad hoc arbitration as the preferred way for settling commercial disputes, including increased efficiency, procedural direction, and institutional support. In order to undertake commercial arbitration procedures within the institutional arbitration framework in India, there are certain challenges and issues that must be overcome. Additionally, the nation's ability to function strategically and efficiently is hindered by the fact that, although being formed with great authority, the current institutions lack the necessary infrastructure and resources. These concerns pertain to a number of aspects of arbitrational process including the selection and appointment of arbitrators, the success and effectiveness of the hearings, the acknowledgement and execution of arbitrational awards, and general dependability and dependability of the Institutional Arbitration system in India. Additionally, by comparing Indian laws to those of other countries, it seeks to identify any substantive legal gaps or ambiguities. The doctrinal and non- doctrinal research drew conclusions by utilizing articles, case studies, peer reviewed journals, research papers, legal databases and similar methodologies. The study's scope may include a review of key statutes, court rulings, and legal interpretations and also the Indian legal framework governing institutional arbitration. It can provide insight into the history of commercial arbitration legislation, how arbitration agreements work, and how arbitrational awards are upheld. The research might look into the policies and procedures of well-known arbitration institutions in India with an emphasis on their rules, case handling, arbitration appointments, and code of ethics. The study can evaluate how institutional arbitration in commercial disputes has changed as a result of recent legal changes in India, such as those made to the Arbitration and Conciliation Act. The effectiveness, legitimacy, and enforcement of arbitrational judgements will be assessed in light of the potential for Institutional Arbitration in commercial disputes to develop and advance in India and make it an internationally recognized center for Institutional Arbitration.

Keywords: Arbitration, Arbitration and Conciliation Act, Commercial Disputes, Center for Institutional Arbitration, Global acceptance