New Delhi, Oct 14
Secretary (Legislative Department), Ministry of Law and Justice, Rajiv Mani, called for a change in the philosophy, approach and mindset of people to explore other modes of dispute resolution such as arbitration, an official said on Tuesday.
Speaking at the valedictory session of the first batch of the Indian Institute of Corporate Affairs (IICA) Certified Arbitration Programme (ICAP), Mani emphasised the importance of arbitration as a mode of dispute resolution, apart from traditional court litigation.
He referred to the lesser-known facts about arbitration being preferred by the Constitution makers in certain matters during the transitional period of Indian constitutional history.
The valedictory session of the first batch concluded on October 12 at the IICA Campus, Manesar. The event was organised by the Centre of Excellence in Alternative Dispute Resolution (CEADR) of the Indian Institute of Corporate Affairs, Ministry of Corporate Affairs.
The programme aimed at creating a pool of the next generation of global arbitration professionals.
Earlier, P.K. Malhotra, former law secretary, in his address, acknowledged the competence and immense potential of the arbitration professionals in India; however, he raised concerns over the lack of a supporting ecosystem.
He also emphasised the importance of the establishment of the Arbitration Council of India with such changes as may be necessary for its effective functioning.
The two-day Campus Immersion and Valedictory Session were inaugurated by Justice Hemant Gupta, Chairperson, IIAC, on October 11.
Delivering his Keynote Address, Justice Gupta commended the efforts of IICA in contributing to the strengthening of the arbitration ecosystem in India.
Moreover, in light of India's economic growth, Justice Gupta emphasised the need to create a robust alternative dispute resolution system to foster investor confidence.
He also stressed the need for institutional arbitration for ensuring structured and efficacious conduct of arbitral proceedings in India.
Gyaneshwar Kumar Singh, Director-General & CEO, IICA, informed about various studies conducted in arbitration and highlighted the need to standardise the arbitration landscape through institutional arbitration in India.
He also discussed issues relating to the enforceability of arbitral awards, along with ways to mitigate such issues.
- IANS
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