India’s vice president, Jagdeep Dhankhar, observed on Friday that retired judges control a significant portion of the arbitration market in the country. He drew attention to the arbitrators’ lack of diversity and said that this was a situation exclusive to India, where retired judges had a big say. In addition, Dhankhar commended Chief Justice of India (CJI) DY Chandrachud for responding to a related issue in February.
highlighted the fact that retired judges have a big say in arbitration in India, calling it a “tight-fist grip.” Concerning the lack of diversity in arbitrator appointments, he emphasized that this is a situation exclusive to India. Dhankhar said that it takes guts to talk frankly about one’s own professional circle and praised Chief Justice of India DY Chandrachud for recognizing this problem. He felt that the Chief Justice’s efforts to combat the “old boys club mentality” in the arbitration industry will improve the arbitration system in India. During the sixth annual International Chamber of Commerce (ICC) India Arbitration Day, Dhankhar said these things.
In addition to welcoming Claudia Salomon, President of the International Court of Arbitration, Vice President Jagdeep Dhankar also acknowledged the difficulties that women face around the world. In particular, given that this is the ICC’s centennial year, he emphasized the significance of her election as the first woman to hold this esteemed position. Salomon’s vast experience as an arbitrator, including his role as an emergency arbitrator, was commended by Dhankar. He underlined that she and other women are dismantling barriers in the legal system and opening doors for greater inclusion and acknowledgment of their accomplishments.
The celebrations of Arbitration Day, according to Vice President Jagdeep Dhankar, are a clear indication of the growing significance of arbitration in India. The rapid economic growth of India, he said, would probably lead to an increase in business-related disputes. Dhankar underlined the importance of having a robust system that settles disputes quickly, methodically, scientifically, effectively, and by utilizing the brightest minds on the planet.
In addition, he addressed the advantages of institutional arbitration and the ways in which judicial interference can affect the arbitration procedure.
Yet, he suggested creating a system to reduce how often judges step in. Dhankar pointed out that while the legal community might benefit from prolonged disputes, it shouldn’t harm the country’s overall prosperity.
He also emphasized the importance of arbitral institutions playing a significant role in India’s legal system. Dhankar noted that while there has been some growth in these institutions, they need to become more central, and changes in the law are necessary to make them truly effective.
Still, he recommended setting up a procedure to lessen the frequency of judicial intervention. Long-running disputes may be advantageous for the legal community, but they shouldn’t be detrimental to the nation’s overall prosperity, Dhankar noted.
Additionally, he underlined how crucial it is that arbitral institutions have a big say in India’s legal system. Although these institutions have grown somewhat, Dhankar pointed out that for them to be truly effective, the law must be changed and they must take a more central role
By Alisha Roy…
Reference: Bar and Bench
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