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Background Paper: Arbitration in the Era of Globalization
December 2015 | Arbitration
The Indian Council of Arbitration (ICA), the premier arbitral organization of India, organized an International Conference on “Arbitration in the Era of Globalization” on 11th & 12th December, 2015 at New Delhi with the support of FICCI, to provide a meaningful coverage on common trends in the field of domestic and international arbitration with a special reference to dynamic economy of India.
The preface of the background paper highlights India’s stake and potential to grow as arbitration-friendly nation in the Asia-Pacific region and deliberated on the complex issues which are still challenging its dispute resolution mechanisms.
Section I is devoted to discussing the indicators essential to the operation of an effective arbitration regime and making comparisons of best arbitration practices available across the globe in terms of predictability, transparency, efficiency, due process and party autonomy.
Section II intends to take a complete and exhaustive look at the issue of bilateral investment treaties and investment arbitration mainly from two stand points: (a) the planning of international investment and (b) recovery of damages resulting from a foreign government’s improper interference with an investor.
Section III provides a snapshot of the current scenario of arbitration in India, its advantages and disadvantages, internal challenges and explore its possibilities as an international arbitration destination as also suggest the way forward to long-term sustainability.
Section IV focuses on enforcement of foreign arbitration awards in India and the recent developments and interpretations given under the Indian Law vis-à-vis the enforcement regimes of foreign jurisdictions.
Section V emphasizes on the attitudes and practices adopted by conflict managers and the in-house counsels of the corporate sectors who leverage the advantages offered by the mechanism of arbitration including speed of resolution, flexible processes and confidentiality of proceedings while overcoming the hurdles of undue delay in proceedings and lack of institutional arbitration infrastructure, in both domestic and cross-border disputes.
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