On Friday, the Chief Justice of the High Court of Jammu and Kashmir, Justice Gita Mittal, has nominated three esteemed Judges of the J& K High Court of Jammu and Kashmir to be part of the Arbitration Committee of the Jammu and Kashmir International Arbitration Centre.

The nominated Judges include Justice Sindhu Sharma, ustice Rajnesh Oswal and ustice Javed Iqbal Wani.

Inter-alia, three Arbitration Experts have also been nominated for the formtion of the Committee. It includes namely:

1. Senior Advocate Gaurav Pachnanda

2. Abhinav Bushan, Regional Director for South Asia of ICC Arbitration and ADR, ICC International Court of Arbitration, Singapore

3. Advocate Moazzam Khan, Head of Global Litigation at Nishith Desai Associates.

CJ Gitta Mittal has made the nomination exercising powers under Rule 3.1 (a) and (d) of the Jammu and Kashmir International Arbitration Centre (Internal Management Rules) 2020.

As per the it, the Chief Justice of the High Court of Jammu & Kashmir is the Patron-in-Chief of the Jammu & Kashmir International Arbitration Centre (JKIAC).

Recently, the Jammu and Kashmir High Court accorded its approval for setting up High Court annexed Arbitration Centres at Srinagar and Jammu to provide an institutionalised framework for speedy and expeditious resolution of disputes through an alternate dispute resolution mechanism.

The centres was named to be "The Jammu and Kashmir International Arbitration Centre (JKIAC)".

For securing fair, speedy and inexpensive justice to the litigants and being sensitive to the fact that the object of the Section 89, in absence of detailed modalities, has remained somewhat dormant in Jammu and Kashmir, the court has set up these arbitration centres.

To ensure that the constitution of such centres is smooth and effective, the high court had also framed "The Jammu and Kashmir International Arbitration Centre (JKIAC) (International Management Rules, 2020)"

Court annexed Arbitration Centres are already functioning at Delhi, Chandigarh, Bangalore, Chennai and Cuttack. The first International Arbitration Centre in India was set up by the Maharashtra government in Mumbai in October 2016.

ARBITRATION AND ITS SCOPE IN INDIA

The Indian arbitration is governed and regulated by the Arbitration and Conciliation Act 1996, which derives its basis from the 1985 UNCITRAL model on International Commercial Arbitration and the UNCITRAL Arbitration Rules of 1976.

Business Houses usually prefer going to an Arbitration Centre before taking the legal route in order to save time and efforts.

Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. It is different from Court litigation.

It is a private negotiation between Lawyers representing the disputing parties. When negotiations reach a stage where a referee, judge or some kind of neutral decision-maker is required, the arbitration panel gives a verdict. These panels are typically made up of international corporate law experts and senior executives with impeccable credentials.

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