12/02/2023 | Press release | Archived content
CJI had recently remarked that the arbitration space in India resembles an "old boys' club"
Need to unshackle the arbitration system from this grip to make it credible & creditable - Vice President
VP calls for evolving a mechanism where the arbitration process does not suffer judicial interventions
Our growing economy requires robust, structured arbitration institutions - VP
Development of arbitration institutions has to be a deep professional commitment; this cannot be a past time - VP
Vice-President inaugurates the 6th ICC India Arbitration Day in New Delhi today
The Vice-President, Shri Jagdeep Dhankhar, while inaugurating the 6th ICC India Arbitration Day in New Delhi today, echoed the sentiments of the Chief Justice, Dr. DY Chandrachud who had reflected on the lack of diversity in appointing arbitrators, noting that retired judges dominate the field while other qualified candidates (such as lawyers & academicians) are overlooked. CJI had recently remarked that the arbitration space in India resembles an "old boys' club". VP observed that nowhere in the world is arbitration in such tight fist control as in our country and there is a need to unshackle the system from this grip to make it credible & creditable.
Shri Dhankhar further stressed that our growing economy & fast pace of development require robust, structured arbitration institutions in the country as a sign of our Aatmanirbharta. "Time has come when we need to introspect, move forward by bringing about necessary changes, including if required by legislation," he added.
Observing that judicial interventions in our country and elsewhere have reduced arbitration just as a tier in the normal litigation process, VP called for evolving a mechanism where the arbitration process does not suffer judicial interventions.
Referring to the high growth trajectory of the Indian economy, the Vice President said that in such case, there are bound to be commercial disputes because people may have different perceptions about a particular point of view. We therefore are in need of having an arbitration system that is robust, fast, scientific, effective, and delivers with the best of human brains, he stressed.
Listing many advantages of institutional arbitration as compared to Ad-hoc one, Shri Dhankhar said that the world economic order will go to greater heights & there will be equitable progress if the dispute resolution mechanism is fairly equitable and conclusive. "There has been some growth in our country of arbitrary institutions but those Institutions need to take central space and necessary changes in law are required to be effected to make them all meaningful," he noted. He further stressed that the development of arbitration institutions has to be a deep professional commitment and "this cannot be a past time."
"You have to be very passionate about the arbitration process. The arbitral bar has to be evolved, stand alone not as collateral of the main bar. It is a very expert subject and your contribution in giving cutting edge to the growth of economy in our country and in the globe is pivotal," he underlined.
Extending his congratulation on the centenary celebrations of ICC Indian court, VP recalled his long association with ICC as legal professional and described it as an enriching experience. He also described the election of Ms. Claudia Salomon as the first woman president of ICC as a momentous occasion.
President, ICC International Court of Arbitration, Miss Claudia Salomon, Mr. Alexander G. Fessas is the Secretary General of the ICC International Court of Arbitration, Mr. Tejus Chauhan - Director, South Asia, ICC Arbitration & ADR, and other dignitaries attended the event.