International Arbitration hub – India

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Presentation transcript:

International Arbitration hub – India S Ravi Shankar International & Domestic Arbitration Lawyer

What Makes a country Arbitration hub?

India 2015 Amended World Class Arbitration & Conciliation Act,1996 Large number of English speaking Legal professionals Large Number of judges, Lawyers & Domain Experts who are ready to take up Arbitration assignments Large number of Para-Legals Overly burdened Courts Unpredictable Interpretations

Basic Requirements Training Certification Awareness

Other requirements Consistency in Judicial Pronouncements Expert Judges Updated Procedural Law

ASSOCHAM Training Certification Awareness

Main Issues in Arbitration & Mediation in India Less Arbitral Institutions Hesitation to use Foreign Arbitration Institutions Hesitation to take up Arbitration as full time Profession Less trained Arbitrators Less efficient Techno- Legal Firms Less organized/ Family Owned Law Firms Lesser opportunities for Learning about Arbitration

Preparation of Pleadings Efficient Lawyers Strategy Paper Preparation of Pleadings Expertise

Why Arbitral Institutions? Transparency in Costs & Procedure Equal treatment of both the parties Monitoring system Lesser scope for Corruption & Large injustice Lesser requirement for going to Courts Professional Management Mediation & Arbitration Packages

Trained Arbitrators Arbitrators without basic understanding of law Complete reliance of Arguments of the counsels Arbitrators without Technical knowledge Usage of Expert witnesses Usage of Legal experts Interest to Learn and taking it as a serious Profession

Efficiency of Courts Increased number of Judges Training to Judges Priority to Enforcement matters

International Trends in Arbitration 3rd Party Funding Online Arbitrations Increasing requirement of arbitrators

Thanks