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'Arbitration ecosystem vital for ease-of-doing-business'
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SME Times News Bureau | 16 Nov, 2019
Improving arbitration ecosystem will have a positive impact on
ease-of-doing-business, Supreme Court Justice V. Ramasubramanian said on
Saturday.
"Measures have been taken in the direction. As a
result, India has moved up many notches on the Ease of Doing Business
Index. If conducive environment is created favoring arbitration, then it
will definitely improve climate for investment," Justice
Ramasubramanian told IANS here.
For India, rising up the ladder
of Ease of Doing Business is important to attract investment and propel
growth. In fact, the Centre has prioritised portraying India as a
barrier-free destination for doing business.
A slew of measures
have been taken in this direction, including proposed legislations in
the form of New Delhi International Arbitration Centre (NDIAC) Bill and
the Arbitration and Conciliation (Amendment) Bill and establishing the
Arbitration Council of India (ACI), which together aim at promoting
India as hub of arbitration.
Justice Ramasubramanian said that
institutions should be encouraged to become part of ACI as he asked,
"how would people get to know what is actually good for them?"
The
ACI is an independent body empowered to frame rules on grading
institutions and also sets out norms on accreditation of - arbitrators,
monitoring quality, and capacity building of arbitrators.
The
Supreme Court judge added that third party review of gradation will
certainly help, and it is absolutely fair that certain people may not
like this system. "Grading institutions is for the purpose of helping
people take an informed decision... therefore, we should promote good
arbitration institutions and help them to improve on the grading
system," he said, while noting that the government has taken positive
measures to improve India's reputation in terms of arbitration system.
Justice
Ramasubramanian interacted to IANS after addressing the International
Arbitration Summit organized by Berkeley Global Society. He emphasized
that speedy justice delivery is a vital factor in the judicial system,
and cited several global arbitration centres which have become examples
of repute.
When queried on resolving commercial disputes at the
local, especially if a foreign company has set up a unit in rural area,
Justice Ramasubramanian said there is already an existing judicial
mechanism, and amendments to the Arbitration and Conciliation Act is a
move in the right direction.
Currently, a number of arbitral
domestic and international institutions exist in the country, but none
of them have global reputation. Addressing this reason, the Centre is
promoting the NDIAC. Justice Ramasubramanian emphasized on taking steps
to make Indian arbitration centres competitive.
Enforcement of contracts and lengthy process of dispute resolution, is a vital on consideration by potential investors.
Justice
M.M. Sundresh, Madras High Court, said: "It is important to strengthen
domestic arbitration environment, and institutionalizing it, as we have
done in Madras High Court".
He said judicial reforms are far less in connection with the enforcement of contracts and dispute resolution.
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