SMPL
New Delhi [India], December 5: The Indian Dispute Resolution Centre (IDRC), in collaboration with the Bar Council of India's IIULER, successfully hosted the 3rd Arbitrate in India Conclave, 2024 on 29th November 2024, at the India International Centre, Lodhi Estate, New Delhi. This landmark event commemorated IDRC's fourth anniversary as a leading institutional arbitration center in India and the Asia-Pacific region. Vienna International Arbitral Centre, Austria joined hands with IDRC in organizing the Conclave.
The Conclave featured two insightful panel discussions India as a Hub for Institutional Arbitration: Ad-hoc v. Institutional Arbitration and Arbitration in Banking and Finance Disputes: The Way Forward
The event brought together prominent Jurists, Arbitrators, policymakers, Banking-NBFC heads and industry leaders to discuss India's progress in institutionalising arbitration and the roadmap for its future.
The Keynote Address was shared by Harsh Malhotra, Union Minister of State of Corporate & MoRTH. The Conclave was graced by esteemed dignitaries including Justice Hima Kohli, Former Judge, Supreme Court, R. Venkataramani, Attorney General of India, Manan Kumar Mishra, Senior Advocate, Chairman, BCI & MP, Tejas Karia, Partner and Head of Arbitration, SAM, Ratan K Singh, Senior Advocate, Supreme Court of India and International Member, Keating Chambers, London.
The opening session of the Conclave featured an inspiring inaugural address by Manan Kumar Mishra, Chairman of the BCI, who emphasized the importance of arbitration in India's rapidly growing economy. While lauding BCI's collaboration with IDRC he remarked that the BCI is committed to leading reforms that not only promote institutional arbitration but also ensure that India becomes the destination of choice for resolving disputes globally.
Justice Hima Kohli as the Chair of the Panel Discussion shed light on the role of courts in international arbitration, emphasizing the need for balance the frequent amendments to arbitration laws often lead to challenges, resulting in prolonged litigation that escalates from High Courts to the Supreme Court, with increasing judicial scrutiny at each level. Therefore, we must strive to bring reforms without amending the laws.
R. Venkataramani as the Co-Chair of the Panel Discussion highlighted the need to transition from the ad-hoc arbitration culture. He added that Govt is committed to strengthen arbitration institutions in India and in the Arbitration and Conciliation Amendment Bill, 2024 it is proposed to introduce Emergency Arbitration and allow arbitral institutions to have in-house Appellate Tribunals.
Tejas Karia highlighted the advantages of institutional arbitration lies in its established set of rules, ensuring uniformity and adherence to globally recognized best practices.
The first Panel Discussion was moderated by Arush Khanna, who steered the session with insightful questions about the challenges and opportunities in institutional arbitration in India.
The Keynote Address shared by Harsh Malhotra, Union Minister of State of Corporate Affairs and Road Transport and Highways highlighted the historical Legacy of Arbitration in Indian Vedic Culture ingrained in our Upanishads and Panchayat System. He shared the Govt's commitment to strengthen the Institutional Arbitration ecosystem in our country and cited 2024 Amendment Bill as another push in that direction.
The second panel, 'Arbitration in Banking and Finance Disputes: The Way Forward', focused on the unique challenges and opportunities in resolving financial disputes through arbitration. The Panellists for the Panel Discussion were Amit Goyal, Partner, Forensic & Integrity Services, EY India, Sanjay Aggarwal, Divisional Head, Retail Assets, Edelweiss Asset Reconstruction, Aseem Chaturvedi, Partner, Dispute Resolution, Khaitan & Co. The panel discussion was moderated by Dr. Shashwat Bajpai, who eloquently steered the panel discussion in an engaging and interactive manner
The Indian Dispute Resolution Centre (IDRC) is a not-for-profit institutional arbitration centre registered with NITI Aayog and empanelled with the Ministry of Law and Justice. Headquartered in New Delhi, IDRC offers state-of-the-art facilities for online and offline dispute resolution through arbitration, mediation, and conciliation. Since its inception, IDRC has successfully conducted over 2,000 arbitration proceedings, contributing significantly to the advancement of alternative dispute resolution mechanisms in India.
The IDRC's Arbitrate in India Conclave, 2024 was supported by Aditya Birla, Ernst and Young along with LatestLaws.com, Indian Institute of Arbitration, Indian Institute of Mediation, OP Jindal Global University among others.
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