New Delhi, Nov 25 (IANS) Chief Justice of India K.G. Balakrishnan Wednesday inaugurated country’s first arbitration centre in the capital for the speedy disposal of cases.
‘With the establishment of the arbitration centre, cost incurred on litigation will be much less and would lead to speedy disposal of cases,’ Balakrishnan said after inaugurating the centre.
Arbitration is a procedure under which a dispute is submitted to one, or more, arbitrator for a binding decision. By choosing arbitration, the opposing 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.
Meanwhile, Delhi Chief Minister Sheila Dikshit said nine such centres would be opened in the district courts.
‘We plan to open nine such centres in the nine districts of the capital for the speedy disposal of the cases,’ she added.
Law Minister M. Veerapa Moily, who was also present, said: ‘Our aim should be to make India most suitable place for arbitration.’
Chief Justice of Delhi High Court Ajit Prakash Shah, the brainchild behind the project, said it will help to bring down pending cases in India.
The centre is modelled on the lines of the London and Singapore arbitration centres.
It 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.
