Arbitration Institutions in india
Arbitration proceedings are of two types: ad-hoc arbitration and institutional arbitration.
The parties have the option to seek recourse to either of them depending on their choice and convenience.
Some of the prominent institutions which conduct institutional arbitration in India are:
- Delhi International Arbitration Centre (DIAC) – New Delhi
- Indian Council of Arbitration (ICA) – New Delhi
- Indian Dispute Resolution Centre (IDRC) - New Delhi, Mumbai
- Construction Industry Arbitration Council (CIAC)- New Delhi
- LCIA India – New Delhi
- International Centre for Alternative Dispute Resolution (ICDAR) – New Delhi
- ICC Council of Arbitration – Kolkata
New Delhi International Arbitration Centre (NDIAC) and Arbitration Council of India (ACI)
Newly appointed Union Law Minister Kiren Rijiju, along with Minister of State for Law SP Singh Baghel, held a meeting with the Department of Legal Affairs and the Legislative Department on Thursday. The law minister said that institutional arbitration is the “need of the hour”.
Kiren Rijiju expressed the need to set up the Arbitration Council of India (ACI) and the New Delhi International Arbitration Centre (NDIAC) to develop India as an international arbitration hub.
He said these institutions will help in reducing the reliance on litigation as a way to resolve disputes and the efforts in this direction would help the country in the promotion of ease of doing business (EODB) environment, particularly with regard to enforcing contracts. It would also help in further improvement in India’s position on the World Bank's EODB list, he said.
Kiren Rijiju further stated that these initiatives would be conducive in attracting foreign investments and strengthening the Indian economy.
Both ministers highlighted the areas of priority for the government with regard to the working of the Law Ministry and emphasised the need for time-bound disposal of files marked to the departments.
How many arbitral institutions are there in India?
There are over 35 arbitral institutions in India. These include, in addition to domestic and international arbitral institutions, arbitration facilities provided by various public-sector undertakings (“PSUs”), trade and merchant associations, and city-specific chambers of commerce and industry
IDRC e-Arbitration
Business Friendly
Helps the parties resolve disputes without sacrificing the business relationship
Cost-efficient
By a speedy resolution the parties can focus on profitable business activities rather than spending time and money on litigation
Enforceable
The arbitral award is enforceable as a decree
Fast
A IDRC e-Arbitration is completed within prescribed time.
Paperless
The entire arbitration process is completed without a piece of paper being used.
IDRC e-Mediation
Business Friendly
Helps the parties resolve disputes without sacrificing the business relationship
Cost-efficient
By a speedy resolution the parties can focus on profitable business activities rather than spending time and money on dispute resolution
Fast
A IDRC e-Mediation is usually completed within a prescribed time.
Flexible
The parties are actively in control of the dispute resolution process.
Paperless
The entire mediation process is completed without a piece of paper being used.
