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The book launch was held at the Nehru Memorial Museum & Library Auditorium, New Delhi.
Wolters Kluwer yesterday launched the Fourth Edition of 'Commentary on the Law of Arbitration' by Justice Indu Malhotra.
The book launch, which was held at the Nehru Memorial Museum & Library Auditorium, was presided over by Chief Justice of India, Justice SA Bobde and Union Minister of Law & Justice, Ravi Shankar Prasad.
The book launch was attended by Attorney General KK Venugopal, Solicitor General Tushar Mehta, several judges of the Supreme Court and Delhi High Court as well as senior members of the Bar.
The speakers discussed at length the bilateral investment treaty (BIT) regime and investment treaty arbitration.
While the opening address was delivered by Salim Moollan, QC, Senior Counsel Darius Khambata delivered the guest address.
In his address, Senior counsel Khambata spoke on the "way forward" and urged the Indian government to set up "arbitration centres" to make India an international arbitration hub.
Khambata also suggested real time transcription of arbitration proceedings and adoption of best international practices by practitioners in India.
Union Law Minister, Ravi Shankar Prasad took the opportunity to clarify that the New Delhi International Arbitration Centre would be an autonomous body and foreign arbitrators will be permitted.
Prasad also spoke an length on the "mess of BITs" as he pointed out the bias which existed in favour of bigger economies in cases of BIT arbitrations.
"Emerging economies have to be accorded their place of respect..", Prasad said.
Speaking on the Supreme Court judgement striking down Section 87 of the Arbitration & Conciliation Act, 1996, Minister Prasad stated that when judges strike down a law on the basis of "manifest arbitrariness", they must first define its contours.
"If manifest arbitrariness is used to nullify a law, its contours have to be identified. I say this with great respect to the judgement..", he said.
In his keynote address, CJI SA Bobde stressed upon the need of "consistency and coherence" in international treaty arbitration regime.
CJI Bobde also spoke on the issues of parallel proceedings and treaty shopping.
Author of the commentary, Justice Indu Malhotra said,
“Since the release of the last edition of this book in 2014, this area of jurisprudence has seen significant growth, both through legislative amendments and judicial decisions. Substantive amendments have been made since then to improve the working of the Act.
This book discusses all the important as well as the latest judicial pronouncements which have had an impact on the working of the law and helped in its further development. The book can become a useful compendium for practicing lawyers and the courts.”
The book in its latest edition covers the updated changes in the law and practice of Arbitration. It also covers certain contemporary issues such as Res Judicata in arbitration, the grant or refusal of Anti-Arbitration injunctions, Third Party Funding and Investment Treaty Arbitration etc.