The judiciary has to play an important role in ensuring an effective arbitration ecosystem by stepping in to protect the independence and impartiality of arbitral proceedings, Chief Justice of India (CJI) DY Chandrachud said on Thursday, while also stressing on the need for a “gender-diverse arbitral pool” to bring experiential learning to the entire process.
“Courts can and do indeed serve as effective supporters of the arbitration universe. Not least of those interventions is to ensure that when the state, as largest litigant, enters upon arbitration, it must abide as much by letter of law as by the spirit of arbitration….,” the CJI said during his keynote address at the inaugural session of the “Delhi Arbitration Weekend” organised by Delhi International Arbitration Centre (DIAC).
The CJI, during his speech, also added that “over the last few years, judiciary has been consistently applying the law which has been modified by the legislature to ensure that in an era of climate change, the arbitration ecosystem remains green to its core and soul”.
“While certain cases haunted the Indian jurisdiction for a period of time and led to it being considered as an anti-arbitration jurisdiction, we have now emerged from the shadow of these decisions…We stand today at an important inflection point for arbitration in India. While we have moved further towards being an arbitration-friendly jurisdiction, there is no doubt that there is scope for improvement as with any other jurisdiction,” he said.
Chandrachud also said that the arbitral space in India can do well to foster diversity in terms of source and experience.
“If the Indian legal system has to move away from the tag of being an Old Boys’ Club, the arbitration space can add heft to the mission to provide equal opportunity – to men, women and them,” he said.
Peter Goldsmith, former attorney general of England and Wales, who was the guest of honour at the function, said “India’s ambition to be a leading hub for international arbitration has been clear for a number of years.”
