NEW DELHI: Vice-President M Hamid Ansari today said the arbitration process in India, which has evolved over the years, now offers a ”useful and speedy tool” for resolution of disputes that saves both the court’s and litigants’ time.
”Arbitration is considered an efficient alternative to litigation because it is quicker, less expensive, and provides greater flexibility of process and procedure.
The parties often select the arbitrator and exercise control over certain aspects of the arbitration procedure,” he said addressing the inaugural session of a two-day Conference on Dispute Management in Infrastructure Projects – New Challenges, organised by the Indian Institute of Technical Arbitration, Delhi State Centre.
Speaking on arbitration, Dr Ansari noted that it was one of the preferred alternative dispute resolution processes and was finding increasing use in both the private and public sectors.
Arbitrators also brought in domain expertise to the specific subject matter of the dispute, providing for a more efficient and quicker process.
”The renovated Arbitration Act of 2015 has further sanctified the arbitration process by granting even more finality to the arbitral award,” he added.
Recalling its achievements, the Vice-President said CPWD today is a multi-faceted infrastructure construction and maintenance agency with some of the best construction engineering, architectural and horticultural capabilities.
Reflecting on great demand for arbitration, which was increasingly being seen as crucial in functioning of market economies, Dr Ansari, however, felt that for arbitration to become a widely accepted would depend on the quality of arbitrators which would determine the credibility of the process.
”While the courts provide a public forum for dispute resolution, arbitration, and mediation, allow for the private resolution of disputes away from media attention and with confidentiality,” he added.
The first modern arbitration law in India was enacted as early as 1772 in the form of the Bengal Regulation Act of 1772. It was updated in 1940, and again through the Arbitration and Conciliation Act, enacted in 1996, he recalled.
Indian Institute of Technical Arbitrators President R P. Seshadri, Central Public Works Department (CPWD) Spl Director General N L Singh and other dignitaries were present on the occasion, an official statement here said.
(AGENCIES)
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