"Arbitration has failed in our country as it takes 1,500 days to resolve a dispute," said Asok Kumar Ganguly, judge, Supreme Court of India.
While addressing a conference on new directions in law, exploring the path of institutional arbitration organised by the Indian Chamber of Commerce here on Saturday, Ganguly said some methodology has to be evolved to improve the ways of arbitration in the country.
NG Khaitan, advocate and member of governing body, Indian Council of Arbitration (ICA), said: "1,200 institutions are providing arbitration worldwide and ICA is one of them."
GK Kwatra, executive director of ICA, on the contrary thinks that India is not doing all that badly as ICA solved some 20-25 foreign arbitration last year.
According to him, in India, dispute resolution is carried out even at the district level. "ICA goes to districts, like last week we went to Kollam (Kerala), before that we went to districts in Uttaranchal. Not only that, we take only two to three months to resolve a dispute and it is not rightly pointed out that 1,500 days are required in India to resolve a dispute. Ad Hoc arbitration may need 1,500 days but not institutional ones," Kwatra said.