New Delhi, 15 Sep: India’s commitment towards international arbitration and enforcement of foreign arbitral awards has always been beyond doubt, Supreme Court judge Surya Kant said on Sunday, highlighting that this alternative dispute-resolution mechanism is becoming a preferred mode for settlement of disputes in the country.
Speaking at the valedictory function of a conference on international arbitration and the rule of law, Justice Kant said the conference commemorates 75 years of the Supreme Court’s establishment and the 125th anniversary of the Permanent Court of Arbitration (PCA).
“Today, India stands at the threshold of a new era in arbitration. Not only is it rapidly becoming a preferred mode of dispute settlement in our country, but it is also receiving ever-increasing infrastructural support,” he said.
Justice Kant said India’s commitment towards international arbitration and enforcement of foreign arbitral awards has always been beyond doubt and is reflected in the fact that it was among the six Asian countries to sign the Geneva convention and among the 10 original signatories to the New York convention.
“Moving ahead, it gives me immense pleasure to note that this auspicious occasion signals a bright future for arbitration in India. The establishment of the PCA’s office in India marks another paradigm shift in our journey towards becoming a hub for international arbitration,” Justice Kant said.
He said arbitration is by no means a novelty for the Indian subcontinent and the rich tapestry of India’s history finds several mentions of the arbitration process.
“This development (the opening of the PCA’s office) is another testament to India’s growing reputation as a preferred destination for dispute resolution. With the PCA’s presence, we can expect a surge in international parties choosing India as the seat of arbitration, drawn by the credibility and expertise the PCA brings here,” he said to an applause from the audience comprising lawyers, judicial officers and law students.
Justice Kant, however, added that this is not about attracting foreign parties but also making arbitration more accessible to India’s businesses and individuals.
“No longer will they have to navigate complex logistic hurdles and incur significant costs to access the PCA’s services. With a local office, we can tap into the PCA’s expertise and resources right here in India,” he said.
Solicitor General Tushar Mehta welcomed the PCA’s step of setting up an office in India and said though the decision to come to the country was taken late, it came at the right time.
Senior advocate Gaurav Banerjee also spoke on the occasion.
On September 13, during the opening function of the conference, Chief Justice of India D Y Chandrachud had said the time has come for India to take the lead in fostering a culture of international arbitration, providing a level-playing field for dispute resolution beyond domestic courts.
He had said respect for the rule of law promotes fairness, stability and predictability, which in turn creates a conducive environment for economic growth as investors thrive in a system where rights are protected, contracts enforced and disputes resolved efficiently. (PTI)