ICA Conference Explores Arbitration As A Catalyst For Economic Development

The conference aims to bring together legal luminaries, scholars, and industry experts to delve into the fundamental role of arbitration in India's economic growth. With a diverse and insightful program, the event was a landmark gathering for those interested in the intersection of arbitration as primary medium for commercial dispute resolution & economic development.

The conference started with the inaugural session featuring distinguished speakers sharing insights.

In his special address, Justice Devendra Kumar Upadhyaya, Chief Justice of the High Court of Bombay said, “Peter Drucker said that the resource in economic development is people. It is people, not capital or raw materials that develop an economy. Development of a nation is widely measured in the testimony of its citizens' and their ability to sustain the vitality of its future. India has come a long way by becoming an economic giant capable of providing a platform for investors, stakeholders, industries and entrepreneurs interested in showcasing their distinctiveness. The Indian government in the last 60 years has put in a lot of effort into developing its resources and become one of the fastest growing economies. Still there remains room for further Capital investments which can only be filled by inviting capital investors from both domestic and foreign from the private sector. It has become imperative to facilitate, regulate and accommodate inflow of such foreign investments within the sanctity of our pre-existing legal framework in a manner that benefits the party involved therein. The need of the hour is that our statutory mechanism is ready to tackles varied disputes that arise in the wake of such transactional reach. But at the same time which is inclusive in nature and provides a forum that solely established for the purpose of governing and dealing with matters pertaining to disputes arising between private investors of domestic and foreign origin. Economic growth, capital investment and social progress suffers when disputes or conflicts occur. Arbitration acts as a catalyst that would expedite the process of efficient dispute resolution without having to go through the lengthy and tiresome route of general litigation. Thereby bypassing the original remedial course. Arbitration can be tailored to provide the desired flexibility.”

Keynote Address by Justice Bhushan Ramkrishna Gavai, Judge, Supreme Court of India, “The country is witnessing a transformation on the economic front. Economic prosperity is a path not paved with litigation but by arbitration. Arbitration has long been the preferred method of solving disputes in commercial matters in India. It offers a structured dispute ecosystem which is why corporates frequently choose it. Indian arbitration system has been further strengthened by Government initiatives and legislative changes. In the past decade India established itself as an emerging hub for international arbitration with a robust legal framework, supporting government initiatives and increased institutional infrastructure. As India continues to solidify its position as a major player in the world economy, the significance of arbitration institutions is becoming more important in improving India's standing as a hub for arbitration. The role of Indian courts has always been pro-arbitration. 2021 International Arbitration Survey unveiled that 90 percent of respondents' preferred method of resolving cross-border disputes through arbitration, either on a stand-alone basis (31%) or in conjunction with ADR (59%). A report titled 'Corporate Attitudes & Practices towards Arbitration in India' found that 91 percent of companies in India include arbitration and not litigation in their dispute resolution policy. To improve arbitration in India, minimise the scope of intervention by judges from pre-contesting an award, strict adherence to the deadlines, premising arbitral processes, insuring the execution of arbitral awards, to the imperative party autonomy should be respected.”

Mr. Arun Chawla, Director General, ICA; Mr. N G Khaitan, President, ICA & Senior Partner, Khaitan & Co.; and Ms. Geeta Luthra, Vice President, ICA & Sr. Advocate, Supreme Court of India also gave their insightful addresses at the event.

The inauguration session was followed by two technical sessions.

Technical Session 1: Commercial Arbitration and International Trade. Which was chaired by Justice Bharati Dangre, Judge, High Court of Bombay. This session featured esteemed panellists:

• Ms. Pinky Anand, Sr. Advocate, Supreme Court of India & Former Solicitor General of India
• Mr. Darius J Khambata, Sr. Advocate & Former Advocate General of Maharashtra
• Mr. Mohit Saraf, Founder & Managing Partner, Saraf & Partners
• Mr. Amitava (Raja) Majumdar, Managing Partner, Bose & Mitra & Co.

Technical Session 2: Arbitration in Emerging Economies & Future Perspectives and Innovations proceeded under the guidance of Justice R.I. Chagla, Judge, High Court of Bombay, . This session featured discussions led by:

• Mr. Ratan Singh, Sr. Advocate & International Member-Keating Chambers, London
• Ms. Karishma Vora, Barrister & International Arbitrator, 39 Essex Chambers
• Mr. Tejas Karia, Partner Head of Arbitration, Shardul Amarchand Mangaldas
• Mr. Raj Panchmatia, Partner, Dispute Resolution Practice, Khaitan & Co.

The ICA conference promises to be a forum for the exchange of ideas and insights into the role of arbitration in driving economic development. Attendees can look forward to engaging discussions, networking opportunities, and a platform to deepen their understanding of the dynamic field of arbitration.

Indian Council of Arbitration (ICA):

Established in 1965, ICA is the apex arbitral body at the national level, under an initiative by the Government of India and FICCI, the apex chamber of commerce & industry. Headquartered in New Delhi, the primary objective of ICA is to promote amicable, swift, and cost-effective settlement of commercial disputes through arbitration and conciliation.