ARBITRATION AND ALTERNATIVE DISPUTE RESOLUTION IN INDIA: ISSUES AND CHALLENGES IN INTERNATIONAL COMMERCIAL ARBITRATION.
INTERNATIONAL COMMERCIAL ARBITRATION
RESEARCH PAPER
RESEARCH TOPIC: ARBITRATION AND ALTERNATIVE DISPUTE RESOLUTION IN INDIA: ISSUES AND CHALLENGES IN INTERNATIONAL COMMERCIAL ARBITRATION.
TUTOR NAME: PROFESSOR DR. FRANCIS JULIAN
STUDENT NAME: GAURAV SHARMA
INTRODUCTION
Foreign direct investment (FDI) has played an important role in the process of globalization in India during the past two decades. Despite the increasing inflow of foreign capital in the Indian economy, India’s potential to attract to attract FDI from the world has not yet been fully trapped most probably due to the lack of an efficient dispute resolution system in the countryi. The increase in FDI and international commercial transactions in India created a distinct pressure to improve on its mechanisms for dispute resolution system. With economic liberalization in full swing, the Indian legal system, infamous for its delays and unpredictability, was ill-equipped to deal with the impending increase of commercial disputesii. Foreign investors who wished to resolve their dispute either by litigation or by alternative means under India’s infamously gridlocked court system could not afford to wait decades for a dispute to reach finality.
The current dispute resolution system of India is not only antique in nature, is cumbersome and time consuming as well. The backlog of cases is increasing day by day affecting the outcome of various cases. There was emergent need of judicial and legal reforms in India so that courts in India can meet the expectations of the 21st Century and also that could preserve the courts reputation and supports the courts critical role in maintaining trust by outside world & their confidence in the protection afforded to them by the law. The best option was of use was Alternative Dispute Resolution (ADR) methods earlier and effective dispute resolution. The objective of using ADR methods was procedural neutrality. This is useful as it enables the
RESEARCH PAPER
RESEARCH TOPIC: ARBITRATION AND ALTERNATIVE DISPUTE RESOLUTION IN INDIA: ISSUES AND CHALLENGES IN INTERNATIONAL COMMERCIAL ARBITRATION.
TUTOR NAME: PROFESSOR DR. FRANCIS JULIAN
STUDENT NAME: GAURAV SHARMA
INTRODUCTION
Foreign direct investment (FDI) has played an important role in the process of globalization in India during the past two decades. Despite the increasing inflow of foreign capital in the Indian economy, India’s potential to attract to attract FDI from the world has not yet been fully trapped most probably due to the lack of an efficient dispute resolution system in the countryi. The increase in FDI and international commercial transactions in India created a distinct pressure to improve on its mechanisms for dispute resolution system. With economic liberalization in full swing, the Indian legal system, infamous for its delays and unpredictability, was ill-equipped to deal with the impending increase of commercial disputesii. Foreign investors who wished to resolve their dispute either by litigation or by alternative means under India’s infamously gridlocked court system could not afford to wait decades for a dispute to reach finality.
The current dispute resolution system of India is not only antique in nature, is cumbersome and time consuming as well. The backlog of cases is increasing day by day affecting the outcome of various cases. There was emergent need of judicial and legal reforms in India so that courts in India can meet the expectations of the 21st Century and also that could preserve the courts reputation and supports the courts critical role in maintaining trust by outside world & their confidence in the protection afforded to them by the law. The best option was of use was Alternative Dispute Resolution (ADR) methods earlier and effective dispute resolution. The objective of using ADR methods was procedural neutrality. This is useful as it enables the