Entry of foreign law firms in India will increase overall quality of arbitration in country: CJI
New Delhi [India], June 5 (ANI): Chief Justice of India BR Gavai has said that the entry of foreign law firms in India will provide a pathway to introduce global best practices in the Indian arbitration ecosystem, which will be effective in increasing the overall quality of arbitration in India.
CJI said that the rules notified by the Bar Council of India (BCI) would also ensure that the rights of Indian legal professionals are not compromised.
CJI Gavai was speaking at the International Conference on Arbitrating Indo-UK Disputes, organised by the Indian Council of Arbitration (ICA) in London on Thursday.
'Furthermore, it is not an overstatement to say that for India to become a leading hub for international commercial arbitration, the international arbitration community must have access to high-quality, independent and impartial arbitrators, both as a matter of fact and of perception. As with India's potential to be an international arbitration hub, there is huge potential for Indian lawyers to become arbitrators that are in demand across the globe. However, this potential is, as yet, unrealised,' CJI Gavai said.
The CJI further said that India continuously aspired to become a hub of international arbitration by building a progressive legislative framework, a pro-enforcement judiciary and robust institutional support.
He said India has witnessed the establishment and growth of several arbitration institutions such as the Delhi International Arbitration Centre (DIAC), Mumbai Centre for International Arbitration (MCIA), India Arbitration and Mediation Centre in Hyderabad (IAMCH) and the Nani Palkhiwala Centre for International Arbitration, etc. These centres have played a key role in administering disputes outside the scope of the judicial set-up.
'Additionally, in 2019, the government of India had established the India International Arbitration Centre in New Delhi which is an autonomous institution aimed at supporting an independent and autonomous regime for institutional arbitration in India,' said the CJI.
He further added that these arbitration centres strive for professionalism, efficiency, transparency and impartiality in arbitral proceedings by providing high quality of arbitral services and by maintaining panels of accredited arbitrators both at national and international level.
'The establishment of international arbitration centers in both India and the UK is a highly encouraging development for the resolution of commercial disputes. With dedicated arbitration facilities, both countries demonstrate their commitment to fostering a fair and efficient dispute resolution process that adheres to global standards,' said the CJI.
'Furthermore, the inclusion of technology in the Indian legal system shall facilitate online dispute resolution systems such as virtual arbitration and virtual mediation mechanisms. This online system has made physical distances irrelevant,' he said. (ANI)
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