Published: 3rd May, 2024
Context
Vice President (VP) of India JagdeepDhankhar underlined the need for reforming the Indian arbitration system.
What is Alternative Dispute Resolution?
- Alternative Dispute Resolution (ADR) includes various methods of settling a dispute without getting into the intricacies of the court.
- It is a method where parties try to resolve their disputes privately in front of a third-person expert.
- The decision is binding on the parties like the decision of the court.
- Type of ADR process: Arbitration, Mediation, negotiation, and conciliation
- Arbitration:
- It is a quasi-judicial proceeding.
- In this form of dispute resolution, the parties decide the rules of the process and appoint their own judge (referred to as the ‘arbitrator’), who decides the matter between the parties
- The decision of the Arbitral Tribunal is referred to as an “Award”and has the same effect as that of an order of the court.
- Arbitration in India is governed by the Arbitration and Conciliation Act, 1996.
- Issues in the system: Complex, an additional tier in the conventional litigation ladder, lack of trust, inefficiency.
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Arbitration and Conciliation Act, 1996.
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