India to have its first arbitration centre soon
New Delhi, Nov 21 (IANS) With the aim of reducing the number of pending arbitration cases in India, a new arbitration centre will be inaugurated in the Delhi High Court complex next week.
‘The centre will be on the lines of the London and Singapore arbitration centres and will help to bring down pending cases in India,’ said a court official.
The centre will be inaugurated Nov 25.
Arbitration is a procedure under which a dispute is submitted to one or more arbitrator for a binding decision on the dispute. By choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court.
According to an estimate, as many as 1,500 arbitration cases are pending in India.
‘If a new petition is filed, we will try to dispose it of within one year and if an appeal against an order comes then we are aiming it to dispose it of within six months,’ said the official.
The arbitration centre will be headed by retired judges, practicing lawyers, engineers, architects and chartered accountants.
The parties coming for arbitration will have the choice of selecting arbitrators of their choice.
‘We will judge the performance of an arbitrator on the basis of disposal of cases and on the discipline shown by them during proceedings,’ said the official.
-Indo-Asian News Service
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