Volume 18, No. 6, 2021
Jurisprudential Aspects Of Arbitration Law In India
Mr. Eeshan Atray , Dr. Mahesh Koolwal
Abstract
The significant growth in the number of business disputes over the last few decades has paralleled the significant increase in economic development of nations. In India also, rapid economic globalization has resulted in an increase in business disputes as a result of increased competitiveness. Simultaneously, the rate of industrialization, modernization, and improvement of socioeconomic conditions has often exceeded the growth of dispute resolution systems. Rapid development has resulted in increased caseloads for already overloaded courts in many parts of India, resulting in notoriously delayed adjudication of business disputes. As a result, alternative dispute resolution mechanisms, such as arbitration, have become increasingly important for companies doing business in India and those doing business with Indian companies. This research paper aims to critically assess arbitration as a legal institution in India. The article examines Indian arbitration legislation and practice, highlighting how the current arbitration system in India is still riddled with inadequacies and flaws, and how arbitration quality has not improved as a speedy and cost-effective process for resolving business disputes. Arbitration as a form of Alternate Dispute Resolution has gained traction over the past few years in India.
Pages: 2436-2446
Keywords: Arbitration, ADR, Conciliation, India, UNCITRAL Model.