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Delhi soon to be the next global hub for Commercial Arbitration

  • With its accelerating economic strength and growing geopolitical importance, India is set to join the League of countries like Paris, London, Singapore, Hong-Kong, Geneva and New-York as the new global hub for commercial arbitration, with Delhi as its establishment site.

    Minister of Finance, Arun Jaitley is expected to make the announcement in August, on making Delhi the global hub for international Arbitration on the lines of Countries like Singapore and London.

    This new International arbitration centre in Delhi will operate as a principal body, similar to body that is running under the Delhi High Court and Mumbai High court. The latter being set-up at the behest of the Maharashtra government.

    According to sources, India is the third largest recipient of foreign investment, so it should have an easy access to arbitration. As a result, the centre is soon going to setup an arbitration body under the tutelage of the Supreme Court.

    International commercial arbitration has been the most sought after method for resolution of business disputes as it offers easy advantage over not going to court regularly and thus saving oneself from the legal maze of frequent adjournment, long dates and other complications of a regular court.

    The recent amendment of The Arbitration and Conciliation Act, 1996 and introduction of the Arbitration and Conciliation bill in 2015 has paved the way for this new development. The amendment sought to redress the long-drawn and tedious process by providing time bound adjudications.

     

    OUR TAKE

    The decision to make Delhi as the new Global hub for commercial arbitration is the third and perhaps the strongest pillar in the Indian arbitration landscape. The other two being the recent amendment of Arbitration and Conciliation Acr, 1996, and introduction of Arbitration and Conciliation bill in 2015. This new move will address the initial hiccups of foreign and Indian companies in choosing India as their destination for arbitration and will attract more foreign investments and overseas commercial transactions, ensuring India’s steady rise.


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