We at Think India have felt the need to bind the students with an Indian nationalistic string to harness this part of national treasure in furthering our aim of national reconstruction.
Students from IISc, IIMB, NIMHANS and NLSIU joined together to create a joint forum for the students from premier institutes of India in 2006.
Institutional arbitrations are where a specialized institution with a permanent character intervenes and assumes the function of administering the arbitral process, as provided by the rules of that institution. It is pertinent to note that these institutions do not arbitrate the dispute but provide the facility and infrastructure to the arbitrators to arbitrate the disputes, by laying down specific rules for every arbitration. What is of relevance here is that the institutional arbitration centres, be it domestic or international are governed by their rules which provide for a strict timeline to be adhered to, within which time the arbitration is mandatorily required to be completed and the award needs to be passed.
Arbitration is a vitally important supplement to enhance ease of doing business. It can greatly alleviate the pressure on courts, thereby reducing pendency, as well as instill investor confidence, if the dispute-resolution processes are efficient, swiftly expedited and effective. The enforcement of contracts, as well as the time taken to resolve matters, are likely to worry potential investors. It is, therefore, vital that institutional arbitration is implemented across sectors.
Mr. Tariq Khan is an Arbitration Law Expert and has been conferred with the prestigious membership of Business World Legal 40 under 40 club of Achievers. He is an alumnus of Faculty of Law, Jamia Millia Islamia and his area of expertise includes Arbitration and Insolvency Law.
Shagun Pathak (Student, RMLNLU)
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