New Delhi, Jul 5 (PTI) Law Minister Kiren Rijiju on Tuesday said the Indian judiciary was playing a pivotal role in promoting alternative dispute resolution mechanisms, particularly in arbitration and mediation and the country’s courts have consistently adopted an arbitration-friendly approach which has strengthened the confidence of the stakeholders.
The union minister noted in the presence of Chief Justice of India N V Ramana that recently the Supreme Court paved the way for enforcement of emergency arbitral awards in India seated arbitrations in the Amazon-Future Group case.
“Thus, the Indian judiciary has always been proactive in promotion of ADR mechanism and this has strengthened the confidence of the stake holders,” Rijiju said in his keynote address at the conference on “Arbitrating Indo-UK Commercial Disputes” being held in London.
“In the presence of CJI, I take this opportunity to inform that Indian judiciary is playing a pivotal role in promoting ADR mechanisms particularly arbitration and mediation. The courts in India have consistently adopted arbitration friendly approach.
“Recently, the Supreme Court of India paved the way for enforcement of emergency arbitral awards in India seated arbitrations in the Amazon-Future Group case. Thus, the Indian judiciary has always been proactive in promotion of ADR mechanism and this has strengthened the confidence of the stakeholders,” he said.
According to the text of speech made available by the law ministry, Rijiju said while India has made a great progress in areas of development and governance at domestic level it has left a mark in encouraging cooperation amongst the countries at a global level.
In this context, he noted that for the first time India will assume the presidency of the G-20 from December 1 this year till November 30, 2023 culminating with the holding of G-20 Summit in India in 2023.
“As we know the G-20 nations, of which India is a founding member, hold a strategic role in securing future global economic growth and prosperity. To achieve this objective, a continuous exercise is required in respective jurisdictions inter-alia to strengthen enforcement of contracts and related alternative dispute resolution mechanism. Such measures will promote increased economic and financial cooperation amongst the various countries,” he said.
The minister asserted that he was of the firm belief that the mediation law will prove to be an pivotal reform towards providing comprehensive recognition to mediation and enabling the growth of a culture of amicable settlement of disputes out of court.
“A successful settlement not only helps in preserving the relationship amongst the parties offering ease of living but also contributes in the growth of the economy,” he said.
To keep pace with current developments in the arbitration space and to enable arbitration as a viable dispute resolution mechanism, the Indian arbitration law has undergone significant amendments in 2015, 2019 and 2021.
“The changes in law signal a paradigm shift for ensuring timely conclusion of arbitration proceedings, minimizing judicial intervention in the arbitral process and enforcement of arbitral awards. The amendments are further aimed at promoting institutional arbitration, updating the law to reflect best global practices and resolve ambiguities thereby establishing an arbitration ecosystem where arbitral institutions can flourish,” Rijiju said.
He also said that the legislative framework has been enabled to promote institutional arbitrations by the proposed establishment of Arbitration Council of India (ACI) which would grade arbitral institutes in the country.