‘Support of Centre key for arbitration success’
NEW DELHI: The central government’s support for arbitration to become successful in India is imperative, said Supreme Court judge Ravindra Bhat while speaking at a conference titled ‘International Arbitration: An Indian Perspective’, organised by Services Export Promotion Council (SEPC).
Giving reasons for the growth of international commercial arbitration centres in Singapore, Hong Kong, London, and France, Justice Bhat said that these centres “thrive” because of their continuous association with their government, from funding to the creation of new tools.
“I expect and hope that the government will give the same kind of support for the growth of arbitration (in the country),” he said.
Justice Bhat also expressed his disappointment over the non-implementation of the earlier suggestions of a high-level committee and recommendations made by the 246th Law Commission of India on the creation of an autonomous body, which would oversee the functioning of arbitral institutions in India.
He said that even though the committee’s suggestion has been inserted by way of an amendment in 2019, it is yet to be notified. “I had once the privilege of being a part of a high committee, headed by retired SC judge Sri Krishna, to review arbitration proceedings in India. And this committee made a recommendation of setting up an autonomous body known as the Arbitration Promotion Council of India (APCI). It is interesting to note that an analogous suggestion was made by the 246th Law Commission in 2012 with the designated body being called as Arbitral Commission of India,” he said.
He added that Indian arbitration needs to incorporate new tools and techniques like “hot-tubbing”, introduced by Australia.