Experts push for commercial arbitration to help boost industrial growth in Ahmedabad
The Times of India , Jul 01, 2017
At a seminar on 'Domestic and International Commercial Arbitration' organized by FICCI Gujarat State Council and Indian Council of Arbitration (ICA) on Saturday, experts pushed for commercial arbitration. Experts claim that through commercial arbitration, industrial disputes will be resolved quickly and it will thus help boost growth.
Experts in fact, were also of the opinion that there is a dire need for separate arbitration mechanism for institutes. Elaborating on this, justice Mukesh Shah of Gujarat High Court, said, "Institutional arbitration needs to be encouraged. Earlier, there was delay in resolving cases related to institutions and it impacted economic growth. With separate commercial arbitration mechanism, the goal is to resolve the institutional disputes quickly."
In his keynote address, CK Thakker, former SC judge highlighted the need for amending the arbitration clauses and drafting effective arbitration clauses to ensure institutional disputes are minimized and in case so, resolved quickly. "The major objective of favourable clauses in international arbitration is to encourage foreign investment," he added.
Rajiv Vastupal, chairman, FICCI-Gujarat State Council, talked about several issues in the industry that need to be addressed for better growth. "There are concerns related to the issue of costs and ad-hoc character of arbitration proceedings in India. Arbitration is undoubtedly the most preferred mode of dispute resolution for commercial disputes in the country," he said.
Apart from senior advocates, arbitrators and legal experts, the seminar was attended by officials from leading corporates in construction, engineering and pharmaceutical sectors, among others.