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, at the India International Centre, Lodhi Estate, New Delhi. This landmark event commemorated IDRC’s fourth anniversary as a leading institutional arbitration centre in India and the Asia-Pacific region.
The Conclave featured two insightful panel discussions:
- India as a Hub for Institutional Arbitration: Ad-hoc v. Institutional Arbitration
- Arbitration in Banking and Finance Disputes: The Way Forward
The event brought together prominent jurists, policymakers, and industry leaders to discuss India’s progress in institutional arbitration and the roadmap for its future.
The Conclave was graced by an esteemed dignitaries as follows:
Hon’ble Ms. Justice Hima Kohli, Former Judge, Supreme Court of India
Mr. R. Venkataramani, Attorney General of India
Mr. Manan Kumar Mishra, Senior Advocate, Chairman, Bar Council of India and Member, Rajya Sabha
Mr. Tejas Karia, Partner and Head of Arbitration, Shardul Amarchand Mangaldas
Mr. Ratan K Singh, Senior Advocate, Supreme Court of India and International Member, Keating Chambers, London
Mr. Amit Goyal, Partner, Forensic & Integrity Services, EY India
Mr. Sanjay Aggarwal, Divisional Head, Retail Assets, Edelweiss Asset Reconstruction
Mr. Ajit Kumar Mishra, General Manager, Contract Management, Dedicated Freight Corridor Corporation of India Limited
Mr. Aseem Chaturvedi, Partner, Dispute Resolution, Khaitan & Co.
Dr. Shashwat Bajpai, Founder-Partner, DRSB Law Chambers
Mr. Arush Khanna, Partner, Numen Law Offices and Ambassador (India) Vienna International Arbitral Centre
The opening session of the Conclave featured an inspiring welcome address by Sh. Manan Kumar Mishra, Senior Advocate and Chairman of the Bar Council of India, who emphasized the importance of arbitration in India’s rapidly growing economy. Sh. Mishra outlined the significant role arbitration plays in supporting India’s aspirations to become a global economic leader. He remarked:
“As India is poised to become a $5 trillion economy, the need for a robust, efficient, and transparent dispute resolution mechanism has never been more critical. Arbitration is at the forefront of this transformation. The Bar Council of India 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. It is through collaboration and constant refinement of our systems that we will build confidence in India’s arbitration landscape.”
Hon’ble 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:
“Public policy interpretation varies across countries. While courts may examine instances where arbitration conflicts with public office mandates, they should refrain from undue interference to preserve the sanctity of the process.”
Addressing the need for legislative reforms in arbitration, she noted:
“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.”
Mr. Tejas Karia highlighted the comparative advantages of institutional arbitration, stating:
“We have come a long way in institutionalizing arbitration in India. While ad-hoc arbitration offers party autonomy and can be less expensive, institutional arbitration faced hurdles due to a lack of familiarity among people. To address these challenges, a series of amendments were introduced in 2015 to promote institutional arbitration, aiming to establish a structured framework, enhance efficiency, and align India’s arbitration practices with global benchmarks. The advantage of institutional arbitration lies in its established set of rules, ensuring uniformity and adherence to globally recognized best practices.”
Mr R. Venkataramani as the Co-Chair of the Panel Discussion highlighted the need to transition from the ad-hoc arbitration culture ingrained during the 1940 Act era to a robust institutional framework envisioned by the 1996 Act. He emphasized the creation of a dedicated “Arbitration Bar of India” to professionalize and streamline arbitration practices. Such a body would provide the expertise and ethical foundation necessary to align with UNCITRAL principles, reducing reliance on court intervention and fostering international confidence. By addressing cultural and procedural challenges, India can position itself as a global arbitration hub, overcoming longstanding issues tied to ad-hocism and inconsistent practices.
The first Panel Discussion was moderated by Mr. Arush Khanna, who steered the session with insightful questions about the challenges and opportunities in institutional arbitration in India.
The esteemed Panellists for the first Panel Discussion Hon’ble Ms. Justice Hima Kohli, Former Judge, Supreme Court of India, Mr. R. Venkataramani, Attorney General of India, Mr. Tejas Karia, Partner and Head of Arbitration, Shardul Amarchand Mangaldas, Mr. Ratan K Singh, Senior Advocate, Supreme Court of India and International Member, Keating Chambers, London and Mr. Arush Khanna, Partner, Numen Law Offices and Ambassador (India) Vienna International Arbitral Centre along with the IDRC Organizing Team.
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 Mr. Amit Goyal, Partner, Forensic & Integrity Services, EY India, Mr. Sanjay Aggarwal, Divisional Head, Retail Assets, Edelweiss Asset Reconstruction, Mr. Ajit Kumar Mishra, General Manager, Contract Management, Dedicated Freight Corridor Corporation of India Limited (DFCCIL), Mr. 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 Panellists stressed the rising need for specialized expertise in banking and finance disputes, acknowledging that the complexities of these cases often exceed the capacity of a single arbitrator.
Confidentiality and privacy emerged as a major theme, with panellists emphasizing the importance of protecting sensitive financial data during arbitration proceedings. In an era of heightened data security concerns, robust mechanisms to safeguard confidentiality were deemed essential to building trust among stakeholders.
The discussion also addressed the overburdening of senior arbitrators, noting that prominent arbitrators frequently decline smaller claims, such as ₹2 crore debt recovery cases, due to time constraints. Panellists called for a more equitable distribution of arbitration resources to ensure access for disputes of all sizes.
On the issue of cost implications, the panel highlighted that while arbitration can be cost-intensive due to expert involvement and legal fees, these costs are often justified by the quality and efficiency of the outcomes. However, they emphasized the need for cost-effective solutions to ensure arbitration remains accessible for smaller disputes.
The esteemed panellists for the second Panel Discussion Mr. Amit Goyal, Partner, Forensic & Integrity Services, EY India, Mr. Sanjay Aggarwal, Divisional Head, Retail Assets, Edelweiss Asset Reconstruction, Mr. Ajit Kumar Mishra, General Manager, Contract Management, Dedicated Freight Corridor Corporation of India Limited Mr. Aseem Chaturvedi, Partner, Dispute Resolution, Khaitan & Co. and Dr. Shashwat Bajpai, Founder Partner, DRSB Law Chambers along with IDRC Organizing Team.
The 3rd Arbitrate in India Conclave, 2023 successfully demonstrated India’s strides in institutionalizing arbitration, while thoughtfully addressing the challenges that lie ahead. The insightful discussions emphasized the importance of transitioning from ad-hoc practices to a robust institutional framework, preserving confidentiality and privacy, ensuring equitable resource distribution, and enhancing cost-effectiveness. The contributions from distinguished panellists reinforced India’s ambition to become a global leader in arbitration. The conclave concluded with a shared commitment to advancing arbitration practices, aligning with global benchmarks, and positioning India as a premier hub for dispute resolution.
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.
For more information, visit: www.theidrc.com
