At a session of the Delhi Arbitration Weekend on Tuesday, Supreme Court Justice Vipul Pancholi traced how India’s commercial justice system has transformed over the past decade, pointing to legislative reforms, judicial pronouncements and technological innovations that have pushed the country closer to international standards.
The session was hosted by M&Co Legal, Dubai and ALC Lawyers & Counsels, Oman. Justice Pancholi chaired the discussion, which featured Justice Tejas Karia of the Delhi High Court, Founding Partner of M&Co Legal Dr Mahmood Hussain, Founder of ALC Counsels & Lawyers Abdulredha Al Lawati, and Head of International Arbitration at M&Co Legal Tariq Khan.
Justice Pancholi began by recalling that the Commercial Courts Act, 2015 was enacted to improve India’s ease of doing business by creating specialised forums and divisions within High Courts to deal with high-value disputes. Alongside, the Insolvency and Bankruptcy Code, 2016 (IBC), the Supreme Court held in Swiss Ribbons Pvt Ltd v Union of India, shifted the framework from a “debtor’s paradise” to one focused on corporate revival and value maximisation.
“Commercial justice relies on the pillars of certainty, swiftness and efficiency. Our role is not to run businesses but to ensure that the rules of the game are fair and followed,” Justice Pancholi said.
Arbitration, he observed, has been one of the “primary engines” of commercial justice, particularly after amendments to the Arbitration and Conciliation Act, 1996 reduced judicial interference and promoted institutional arbitration. Citing Balco v Kaiser Aluminium, he underlined that party autonomy remains the “rooting and guiding spirit” of arbitration, and that Indian courts have increasingly aligned their approach with global best practices by recognising the centrality of the seat of arbitration.
Justice Pancholi also referred to recent rulings such as Gayatri Balaswamy, where the Supreme Court permitted limited modifications of awards but cautioned against review on merits, and Avital Post Studios Ltd v HSBC, where the Court stressed that enforcement challenges must be bona fide and not deployed as delay tactics.
In the discussion that followed, the panelists discussed UAE’s Dubai International Financial Centre courts and Oman’s dedicated investment court, both praised for fast and transparent dispute resolution. The panelists stressed the need for India, UAE and Oman to harmonise judicial approaches, particularly in interim measures, stamping requirements and emergency arbitration. Reference was made to the 2024 India–UAE Bilateral Investment Treaty and the Bar Council of India’s rules on registration of foreign law firms as steps towards deeper integration.