Indian Council for Arbitration (ICA) was established in the year of 1965 and aims to provide speedy and cheaper solutions by means of arbitration, conciliation, etc. regardless of the location. This initiative of the government has proved its efficiency and importance worldwide. The ICA has its arbitrations centers around the globe and resolves the disputes with the best satisfaction. The ICA managed to deal with over 400 domestic and international arbitration cases in the Asia Pacific region per year. The major arbitration institution of India is Mumbai Centre for International Arbitration and Nani Palkhivala Arbitration Centre.
In India, the laws relating to arbitration are related to The Arbitration and Conciliation Act, 1996. The act deals with both kinds of arbitration settlements i.e. within the territory of India and outside India. The act clearly provides the establishment, composition, jurisdiction of the tribunal and provides the procedure, conduct, making of arbitral awards to be performed. The second part of the act which deals with the provisions related to the enforcement of certain foreign awards specifically provides the procedure related to the nation like New York Convention Awards, Geneva Convention Awards, and Conciliations, etc. the act has been amended various time, recently it was amended in the year 2019 after the previous amendment of the year 2015 when the upper limit the arbitral proceedings was set for one year. The Indian Arbitration Act follows the UNCITRAL Model Law on International Commercial Arbitration (1985). The act gets the authority by the arbitration clause in the contract among the parties. The arbitration clause must be clear and specific about the intention of the parties and the procedure and laws to be followed during the arbitration process. The arbitrators must be in the odd numbers (as per the Indian Laws) and must be unbiased independent well-educated people to resolve the dispute.
The Arbitration Tribunal is empowered to grant various reliefs including Declarations, Injunctions, Payment of money, and other specific performance with may deem. Arbitration awards given are categorized into two categories i.e. Domestic and Foreign. For the Domestic Arbitration Award, the expiry is of 90 days which may subject to stay upon submitting an application for that. Further, the party reserves the right to file an execution petition in the civil court as per the civil procedure court. For the Foreign Arbitration Award, the procedure is almost the same but it does not provide any limitation for the enforcement of the foreign award. The law of limitation is applied to both i.e. civil suits and arbitration proceedings.
Along with the various relaxing measures of ADR like time and money-saving, parties settlement, selection of arbitrator there are some backlogs are interference of court, no provision for specialist arbitration bar, and lack of paper transcriptions facilities in India. The issues need to be addressed immediately and adequate measures should be taken by the legislature.
Summing up, India’s Arbitration system achieves the grand success of resolving the disputes without going to the Court in a very less time and cost it provided the best solution. The Indian system established its valuable place at the international level and moving ahead with the improved and better arbitration system. The various amendments in the recent past made it more practically applicable and convenient to the parties.
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