Many commercial disputes gets entangled in the complex judicial procedures which ultimately results in loss of man-days and hamper the ease of doing business.
Many commercial disputes gets entangled in the complex judicial procedures which ultimately results in loss of man-days and hamper the ease of doing business. In order to resolve this long standing issue the Prime Minister (PM) modi who is the head of executive and the Chief justice of India (CJI) TS Thakur have come together and appealed in unison to promote arbitration and resolve commercial disputes through professionally trained arbitrators, who could decide in a time-bound and cost-effective manner.
Modi strongly encouraged a fully functional arbitration mechanism which he maintains is integral to ease of doing business while Justice Thakur cited the already existing humongous number of cases to push for this method of resolving commercial disputes. They were addressing a global conference on ‘National Initiative Towards Strengthening Arbitration and Enforcement in India’, organised by NITI Aayog. The three-day conference was attended by chief justices and judges of foreign courts, apart from various Supreme Court judges, including Justices Anil R Dave, J S Khehar, A K Sikri, S A Bobde and Uday U Lalit.
Vibrant ADR systems will provide additional comfort to investors & will ease the case-load on the Indian courts.
Seeking that India emerge as a global hub for arbitration Modi said, “This will provide additional comfort to investors and businesses. More importantly, it will also ease the case load on Indian courts. An enabling alternative dispute resolution ecosystem is a national priority for India. We need to promote India globally as an arbitration hub”
Spoke on further strengthening arbitration mechanisms in India & positioning India as a global hub for arbitration. https://t.co/Bz2czHDf3V
— Narendra Modi (@narendramodi) October 23, 2016
CJI Thakur grudgingly pointed out that 18,000 judges have to hear five crore cases every year. “Out of the 50 million cases, 20 million are disposed of every year but this ever increasing avalanche of cases filed in courts is putting the judicial system under stress. So we have to look at some alternative to the conventional method of dispute resolution systems,”said Justice Thakur.
“The need to strengthen the judicial system is intrinsically and deeply connected with our zeal to attract foreign direct investment,” asserted the CJI.
Attorney General Mukul Rohatgi said, “If criminal cases can be decided within one year, it is not too short a period for arbitration proceedings to wrap up. Arbitration cannot become replica of ordinary courts and they must be decided expeditiously,”.