Institutionalisation Of Arbitration Mechanism In Resolving Cross-Border Commercial Disputes In India: A Comparative Overview
- IJLLR Journal
- Sep 3
- 2 min read
Mir Shatil, Research Scholar, Department of Legal Science, Techno India University, West Bengal.
ABSTRACT
In the present period of increasing globalised economy based on trade and investment, commercial disputes between nations are inevitable in that way creating a demand of an efficient, neutral and reliable mechanisms for resolving such disputes. Over the time Arbitration has gradually evolved as the most favoured method for resolving international commercial disputes, with the formation of Arbitral institutions for ensuring procedural consistency, neutrality and enforceability. In India ad-hoc arbitration continues to dominate the institutional arbitration process resulting in undermining procedural efficiency and credibility. The Indian government through institutional reforms and legislative amendments specially the recent Arbitration & Conciliation (Amendment) Bill, 2024 submitted, striving hard to promote institutional arbitration in India. Several arbitral institutions have been established to offer structured platforms for dispute resolution but still India has not been able to establish itself as a global hub of arbitration. In contrary, Asian countries like Singapore and Hong Kong have gradually emerged as a global arbitration hub, with the Singapore International Arbitration Centre (SIAC) and Hong Kong International Arbitration Centre (HKIAC) considering it to be most preferred arbitral institutions worldwide and as such this paper aims to examine the institutional arbitration landscape prevailing in both the jurisdictions and distinguishes the best practices that can be learned to develop the position of India as a preferred seat for international arbitration. In conclusion the paper highlights the challenges imposed in the landscape of arbitral institutions in India and the needs for reforms in the efficacy of Arbitration institutions in India to place itself as a global hub of Arbitration.
Keywords: Arbitration, International commercial disputes, Arbitral institutions, Ad-hoc Arbitration, Global hub of Arbitration.
