Arbitration has become the most preferred alternate dispute resolution mechanism in India for exhausting disputes arising out of a contractual obligations in India. The corporates in India as well as international companies round the globe is insisting for fast disposal of their disputes and their first choice is arbitration.
In India, most of the contract entered into between two companies have an inbuilt arbitration clause to settle their disputes by way of arbitration. The landmark amendments brought into the enactment in October,2015 has change the dynamics of arbitration in India.
The prominent amendments in arbitration and conciliation act 1996 to gave a new shape to arbitration in India are as below:
a. time bound completion of arbitral proceeding,
b. neutrality and independence became the pillar at par international practice and IBA guidelines,and
c. schedule of fees fixed for arbitrators s for speedy disposal of arbitration proceedings in India.
Of late, India has seen an an increase in arbitration proceedings for multi-jurisdictional arbitrations with seat in India. The reason being the provisions of arbitration in India have been amended to make it faster and cost efficient than any other country of the world.
The thrust of Central Government of India is also to push for more institutional arbitration in India and this has resulted into a major amendment brought in August,2019 to set up an Arbitration Council of India (ACI).
This will result into a surge in institutional based arbitrations in India.Till the date, India has had practice of more of ad hoc arbitration.Some recent developments like MCIA, a institute was also established in Mumbai as an institute for arbitration.It has also taken a lead role in promoting institutional arbitration in India.
Mumbai being the commercial hub of India has seeing a growth in institutional arbitration in India.The set up of Arbitration Council of India will further result into an increase in such type of arbitrations at par international institutional arbitrations.
To understand more about the arbitration in India including arbitration proceedings in India, please refer the following :
AMLEGALS is a specialised Full Service Law firm for arbitration in India. To know more about our firm and legal services rendered for arbitration in India,please connect with us on firstname.lastname@example.org or email@example.com.
We handle arbitration in India through our specialised team at Mumbai and Ahmedabad in India.
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