Applicability of axiomatic laws, rules regulations for arbitration in India-imperative.
The reasons why arbitration won't take off in India, and the proposed remedies.
By Edrich Miranda.
Ipto Facto status of American, London, Paris, Vienna, Dubai, Singapore, Hong Kong and elsewhere arbitration centers.
Orders passed by foreign arbitration institutions, courts, honored in host country.
Foreign arbitration (Indian advocates and/or arbitrators) permitted to file appearance.
Flexibility of fees, to be decided per schedules or may exceed that prescribed in schedules if mutually agreed.
An autonomous institution to regulate arbitration, with least interference by respective governments or courts.
Decisions taken by otherwise qualified personnel from various disciplines, in addition to being accredited arbitrators.
No record to be maintained by government, facilitator, regulator, court or arbitrator, nor certified copies to be furnished; proceedings confidentiality intact.
Apprehensions of individuals, corporate and sovereigns in respect of arbitration in India.
Orders, Awards, passed by foreign arbitration institutions, declined execution, in India, by introducing a weird concept of, “Against public policy of India”, even though, India is a signatory to the treaty of reciprocal recognition.
Foreign arbitrators, individuals or institutions, prohibited from filing appearance in India, thereby introducing an artificial impediment to best talent.
Fees fixed by schedules for institutional arbitrators, won't attract reputed foreign firms.
Judicial interference at too many stages.
Proposed facilitator, acquiring shape of regulator, due to encroachment and expansion of powers by the government & judiciary.
Persons not qualified themselves at the helm of affairs, in legislating, framing rules, regulations, and taking policy decisions.
In India bank or archive to be maintained, of awards passed, resulting in loss of secrecy, confidentiality, defeats the purpose of most arbitrations
Remedy :
Trade, commerce, industrial institutions, associations, organizations, chambers & individual litigants, to be instrumental in framing the laws, bye laws, rules, regulations, treaties, conventions: etc.
Then and then only arbitration will pick up in India.