Supreme Court judge Sanjay Kishan Kaul said it is essential for arbitration process to be concluded in India within a specific time frame.
“With growing importance of India in the field of commerce and industry with people dealing locally and internationally with India, the kind of mediation and arbitration mechanism put in place has become an important issue,” he said after virtual inauguration of the Madras Chamber of Commerce and Industries’ Arbitration, Mediation and Conciliation Centre on Monday.
Justice Kaul pointed out the example of Singapore Arbitration Centre where there was backroom supervision and support for the process and such as a setup was essential in India as well. “I do believe both mediation and arbitration are excellent modes of dispute resolution as they provide excellent opportunity and methodology to resolve disputes in a better manner. Commercial disputes are best resolved in a more informal environment,” he said.
Justice Kaul called for sanity in the process of appointment of arbitrators and said the process should not end in a lose-lose situation.
In his welcome address, Srivats Ram, President, Madras Chamber of Commerce and Industries, said the arbitration centre was open for non-members as well.
