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It is organized by the Supreme Court (SC) & Permanent Court Of Arbitration (PCA) in collaboration with the United Nations Commission on International Trade Law (UNCITRAL).
- The event marked the 75th anniversary of the establishment of the SC and the 125th anniversary of the PCA.
Arbitration
- It is a form of Alternative Dispute Resolution (others being Mediation, Councillations, Negotiations, etc.).
- In this, the dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute.
- It is characterized by neutrality, confidentiality, consensual with binding decisions.
Existing Frameworks on Arbitration
Domestic
- Arbitration and Conciliation Act, 1996 as per UNCITRAL Model Law, applicable to all kinds of arbitrations including commercial disputes.
- New Delhi International Arbitration Centre Act, 2019, for facilitating institutional arbitration
- Indian Council of Arbitration, a society registered under the Societies Registration Act, 1860
Global
- International Court of Arbitration, established in 1923 by the International Chamber of Commerce.
- PCA, established by the Convention for the Pacific Settlement of International Disputes, in 1899 at Hague (India is a party).
- UNCITRAL Model Law on International Commercial Mediation and International Settlement Agreements.
Rule of lawRefers to the absolute supremacy of the regular law as opposed to the influence of arbitrary power on the part of the government (A.V. Dicey) Significance of law in fostering arbitration
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