Supreme Court judge Justice Surya Kant recently stated that while he did not believe in mediation while he was a practicing lawyer, his opinion on the same changed after he became a judge. .He said that with passage of time, he realised mediation is an effective tool for dispute resolution.“I was a firebrand kind of lawyer. Mediation was not my cup of tea. After my elevation as a High Court judge, I realised that mediation can be explored as a method for dispute resolution. I must say with passage of time, I did realise that mediation is an effective tool,” he said. As a High Court judge, he eventually ensured that all the stakeholders got sufficient training in mediation. .Justice Kant was speaking at the release of a book titled ‘Mediation in Insolvency- A game changer in Viksit Bhrat.’The book, which contains contribution on the topic from lawyers, economists and subject matter experts has been edited by retired Justice AK Sikri and advocate Sumant Batra. The event was also attended by Delhi High Court Chief Justice Manmohan and Attorney General R Venkataramani. .In his address, Justice Kant also spoke about how mediation can work in the field of insolvency. He said that when a case is initiated under the Insolvency and Bankruptcy Code, (IBC), the financial creditor is very keen to recover the amounts he had lent, the corporate debtor is keen to rebuild the business, the shareholders want to safeguard their interests and the operational debtors also want to protect their interest. Such an environment creates a sense of fear and fear in all the stakeholders. This is the ground that could invite parties to mediation, he opined.Mediation can go a long way in rescuing companies by helping them avoid expensive and prolonged litigation and there are many examples from around the world, he stated..Delhi High Court Chief Justice Manmohan noted that a growing economy cannot afford to have too many stressed assets and a quick resolution of a disputes is essential. However, in a commercial dispute, stakeholders have various interests and a resolution mechanism must ensure that such competing interests are balanced.“We all know National Company Law Tribunals (NCLTs) are overburdened. Judicial system has a limited capacity, but in a country that is growing fast we need to look for new tools to resolve disputes. Mediation is one of the tools to try. It will be a game changer,” he stated.He further opined that mediation offers flexibility from legal procedures and that mediation in insolvency will not only achieve the desired results but also ensure that the process is confidential. “More importantly, there is confidentiality in mediation. People in business field are touchy about the financials of their business,” he said. He further highlighted that businesses must get a second chance and sometimes a company that failed the first time, may succeed when given a chance. .Attorney General Venkataramani stated that while everybody speaks of party autonomy in arbitration, there is seldom any mention of such concepts in mediation. “We still haven’t reached a stage where mediation will have a fundamental value in contracts and other documents,” he stated. The AG also highlighted the need to have a mediation bar akin to the recently formed arbitration bar of India..India’s G20 Sherpa Amitabh Kant stated that while IBC has played a transformative role in Indian economy, its efficiency has come down over time owing to pendency and erosion of assets before a company is admitted to Corporate Insolvency Resolution Plan (CIRP). He emphasised on the need for an alternate dispute resolution tool to ensure that IBC gets back on track. “Mediation allows stakeholders to find mutually acceptable solution without resorting to lengthy and expensive litigation." .Justice AK Sikri and advocate Batra spoke about the need to incorporate mediation in insolvency resolution. “Mediation is becoming more potent weapon to salvage the situation in which arbitration is in today. Initially we thought mediation would be good for small disputes. Over a period of time, we have realised mediation is good for settling commercial disputes,” Justice Sikri opined.
Supreme Court judge Justice Surya Kant recently stated that while he did not believe in mediation while he was a practicing lawyer, his opinion on the same changed after he became a judge. .He said that with passage of time, he realised mediation is an effective tool for dispute resolution.“I was a firebrand kind of lawyer. Mediation was not my cup of tea. After my elevation as a High Court judge, I realised that mediation can be explored as a method for dispute resolution. I must say with passage of time, I did realise that mediation is an effective tool,” he said. As a High Court judge, he eventually ensured that all the stakeholders got sufficient training in mediation. .Justice Kant was speaking at the release of a book titled ‘Mediation in Insolvency- A game changer in Viksit Bhrat.’The book, which contains contribution on the topic from lawyers, economists and subject matter experts has been edited by retired Justice AK Sikri and advocate Sumant Batra. The event was also attended by Delhi High Court Chief Justice Manmohan and Attorney General R Venkataramani. .In his address, Justice Kant also spoke about how mediation can work in the field of insolvency. He said that when a case is initiated under the Insolvency and Bankruptcy Code, (IBC), the financial creditor is very keen to recover the amounts he had lent, the corporate debtor is keen to rebuild the business, the shareholders want to safeguard their interests and the operational debtors also want to protect their interest. Such an environment creates a sense of fear and fear in all the stakeholders. This is the ground that could invite parties to mediation, he opined.Mediation can go a long way in rescuing companies by helping them avoid expensive and prolonged litigation and there are many examples from around the world, he stated..Delhi High Court Chief Justice Manmohan noted that a growing economy cannot afford to have too many stressed assets and a quick resolution of a disputes is essential. However, in a commercial dispute, stakeholders have various interests and a resolution mechanism must ensure that such competing interests are balanced.“We all know National Company Law Tribunals (NCLTs) are overburdened. Judicial system has a limited capacity, but in a country that is growing fast we need to look for new tools to resolve disputes. Mediation is one of the tools to try. It will be a game changer,” he stated.He further opined that mediation offers flexibility from legal procedures and that mediation in insolvency will not only achieve the desired results but also ensure that the process is confidential. “More importantly, there is confidentiality in mediation. People in business field are touchy about the financials of their business,” he said. He further highlighted that businesses must get a second chance and sometimes a company that failed the first time, may succeed when given a chance. .Attorney General Venkataramani stated that while everybody speaks of party autonomy in arbitration, there is seldom any mention of such concepts in mediation. “We still haven’t reached a stage where mediation will have a fundamental value in contracts and other documents,” he stated. The AG also highlighted the need to have a mediation bar akin to the recently formed arbitration bar of India..India’s G20 Sherpa Amitabh Kant stated that while IBC has played a transformative role in Indian economy, its efficiency has come down over time owing to pendency and erosion of assets before a company is admitted to Corporate Insolvency Resolution Plan (CIRP). He emphasised on the need for an alternate dispute resolution tool to ensure that IBC gets back on track. “Mediation allows stakeholders to find mutually acceptable solution without resorting to lengthy and expensive litigation." .Justice AK Sikri and advocate Batra spoke about the need to incorporate mediation in insolvency resolution. “Mediation is becoming more potent weapon to salvage the situation in which arbitration is in today. Initially we thought mediation would be good for small disputes. Over a period of time, we have realised mediation is good for settling commercial disputes,” Justice Sikri opined.
