Dortmund [Germany]: Chief Justice of India NV Ramana on Tuesday suggested that the Institutional Arbitration Centres functioning across the world collaborate and form a united Council or Confederation to create a level-playing arbitration arena across the world.
Addressing the annual meeting of the Indo-German Chamber of Commerce on the theme "Arbitration in a Globalized World - The Indian Experience", he said that a united front would help in adopting the best policies based on shared, diverse experiences.
CJI said that Indian Courts have, over time, allowed broader scope for arbitrability of disputes. This attitude of Indian Courts has further increased the importance of International Arbitration, particularly when it comes to countries like India and Germany.
Technology transfer agreements, licensing rights, royalty rights and other intellectual property rights (IPR) related agreements are often subjects of arbitration agreements between corporates.
"To give impetus to arbitration as well as innovation, Indian Courts have allowed such disputes to be arbitrable. In order to fast-track disposal of commercial disputes, the Indian Parliament has also enacted the Commercial Courts Act, which provides for the establishment of dedicated benches for commercial matters," CJI said.
Pointing out that for the past two decades, India is following the path of actively encouraging arbitration, mediation, and other modes of alternative dispute resolution, CJI said that "India adopted the UNCITRAL Model Law while enacting the Arbitration and Conciliation Act in 1996, to make the arbitral process more efficient and to harmonise it with the international practice and procedure."
He also said that to keep up with the changing global and economic scenario, the Arbitration and Conciliation Act of 1996 was amended in 2015, 2019 and 2021.
"International arbitration is a means of resolving disputes arising between parties involving a foreign element. It is an effective alternative to traditional litigation and is regulated primarily by the terms previously agreed upon by the parties themselves. International arbitration has several known advantages," CJI said.
He also elaborated on the significant advantage of adopting international arbitration.
CJI also spoke on the Indian judiciary and said that it has been realised that for giving paramount importance to the rule of law, the Indian judiciary eternally guards the constitutional rights in the world's largest democracy.
"You can trust the Indian judiciary for its absolute independence and its inherent constitutional strength to treat all parties equally and equitably. The Constitutional Courts of India - the High Courts and the Supreme Court - have the power to judicially review every act of the Government. They can strike down any law that is not in tune with the Constitutional principles. They can also set aside the arbitrary measures of the executive," CJI said. (ANI)
