Global Conference to strengthen Arbitration & Enforcement held in New Delhi
Posted on:24 Oct 2016 09:24:12
24 October 2016 Current Affairs GK: The first ever global conference to strengthen Arbitration and Enforcement in India was held in New Delhi. The 3-day Conference was inaugurated by President Pranab Mukherjee on 21 October 2016.
The conference aims to provide impetus to commercial arbitration in country or faster and efficient dispute resolution outside the court room. It was started with title ‘National Initiative On Strengthening Arbitration and Enforcement’. It was held to change the face of dispute resolution in India.
For the first time six leading international arbitral institutions and all major industry associations had participated in it. Discussions on Indian Arbitration Act, Case Management of Arbitration, Setting up an world class autonomous arbitration institution and court support for arbitration were held.
The conference comes the backdrop of the immense losses suffered by the business enterprises and the economy at large, due to backlogs involved in dispute resolution in Indian courts.
This has kept money and resources of the businesses trapped till the final resolution of the dispute is resolved. It is considered as major disincentive for foreign companies coming to invest in India and also affected ease of doing business environment of the country.
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