INSTITUTIONAL ARBITRATION IN INDIA

AUTHOR – PRAKHER SINGH* & EKTA ROSE**,

STUDENT* & ASSISTANT PROFESSOR** AT AMITY UNIVERSITY LUCKNOW UTTAR PRADESH

BEST CITATION – PRAKHER SINGH & EKTA ROSE, INSTITUTIONAL ARBITRATION IN INDIA, INDIAN JOURNAL OF LEGAL REVIEW (IJLR), 4 (1) OF 2024, PG. 1461-1469, APIS – 3920 – 0001 & ISSN – 2583-2344.

ABSTRACT

Globalized living requires constant upgrade abreast of latest developments of international law. A significant tendency in the process of settling the clashes is the fact that a settlement through arbitration instead of the traditional court trial is becoming part of common practice. India enacts the Arbitration and Conciliation (Amendment) Act, 2019 (often called the 2019 Act) as a response to the artificial intelligence revolution. Obviously, the target of this measure was to position India as global arbitration hub. However, it looks like it will not be easy and straightforward. Though, it is, important to consider the progress made during the last year in the context of the 2019 amendment. There is a rapid growth of community development contracts around throughout the nation that enable the public private alliances. Furthermore, it is expected that as the market reforms, international businesses may become more common in the sector, due to more liberated environment for foreign direct investment. India features the largest sophisticated market with having a diversified population helping to drive the country’s large and expanding economy. Consequently, the space for trade and commerce will inevitably expand, and the issue of business conflicts will be given a greater chance to manifest. This leaves open the question to be answered, “Does India have the system that could effectively address the problems?” The system in India is strong but the left difficulties are evident and the report of India Justice 2019 has not alleviated any of the problems. Additionally, one of the major impediments of the companies, creating contracts is the enforcement of the same.