{"id":318452,"date":"2024-03-26T19:00:16","date_gmt":"2024-03-26T13:30:16","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=318452"},"modified":"2024-03-26T18:35:49","modified_gmt":"2024-03-26T13:05:49","slug":"khaitan-co-india-still-has-scope-for-improvement-in-domestic-arbitration","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2024\/03\/26\/khaitan-co-india-still-has-scope-for-improvement-in-domestic-arbitration\/","title":{"rendered":"Khaitan & Co | India still has scope for improvement in Domestic Arbitration"},"content":{"rendered":"
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Mumbai, 21 March 2024:<\/span> Premier full service commercial law firm Khaitan & Co recently conducted a survey entitled ‘Current Trends in Domestic Arbitration in India<\/span>’ in which they polled sophisticated and experienced users of domestic arbitration in India, of whom around 65% were inhouse counsel. The survey results provide unique insights into the operation of domestic arbitration in the country from a user perspective.<\/p>\n

The Khaitan & Co survey is significant, both domestically and internationally, because arbitration is the preferred mechanism for dispute resolution in commercial contracts in India. Arbitration is crucial for everyone doing business in India, whether they are a local or foreign firm. However, the survey highlights a divide between the expectations of parties and the present reality of the arbitration process.<\/p>\n

The Indian Government has been very focused on improving the system for domestic arbitration in India for more than two decades and significant improvements have been made because of those efforts. As late as last year, in recognition that further reform is required, the government established an expert committee (Vishwanathan Committee) with wide terms of reference to review the operation of arbitration laws in India and further systemic changes are expected soon. The government is committed to an effective domestic arbitration system as a critical element of the ease of doing business in India.<\/p>\n

Haigreve Khaitan, Partner, Khaitan & Co said<\/span>, “Arbitration is an efficient and effective dispute resolution mechanism of critical importance to Indian business, foreign investment in India, the Indian economy, and the rule of law. Both local and foreign investors embrace effective and efficient dispute resolution in commercial contracts as being fundamental to doing business in India and there is increasing interest with the massive foreign investment. We believe that it was timely to do a survey on domestic arbitration in India because it is practically relevant to many Indians and their businesses as well as foreign investors doing business in India.”<\/p>\n

The Khaitan & Co survey focused on the experience of parties to arbitration proceedings, rather than advocates, lawyers or other experts involved in domestic arbitration in India so that the survey results would reflect the perspective of the primary users of the system.<\/p>\n

Key findings:<\/p>\n