Stable dispute resolution with minimum court interference is necessary to attract foreign investment in India, Supreme Court judge Justice MR Shah has said.
Speaking at the 2nd Arbitrate in India Conclave - 2023, Justice Shah said growth of global trade increases the importance of Alternative Dispute Resolution as a mechanism for resolving disputes.
"Stable dispute resolution is necessary to attract foreign investment in India. Unless there is timely and cost-effective resolution of disputes, India cannot become the hub for international arbitration.
"There is a need to understand the reasons due to which India is not being able to perform well in this domain and then work on these areas. Minimum court interference is imperative to achieve the goal of making India the hub of international arbitration," Justice Shah said at the event organised on Saturday.
The conclave's second edition was organised by the Indian Dispute Resolution Centre in collaboration with the Bar Council of India's India International University of Legal Research and Education, Goa, at the Dr Ambedkar International Centre here.
Justice Shah was the chief guest at the event and delivered the presidential address, which was followed by a panel discussion.
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The topic for the panel discussion was "Making India a Hub of International Commercial Arbitration: Current Trends and Challenges in Arbitration in Lieu of Allowing Foreign Law Firms in India".
Former apex court judge Justice Indu Malhotra also spoke on the occasion and said India is lacking in enforcement of arbitration awards and added that this requires serious consideration.
Solicitor General Tushar Mehta stated that though it is true that the process of enforcement of arbitral awards is slow, the first delay is in completing the arbitration process itself.
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