Justice Misra stressed that the country needs to adjust without surrendering the 'conceptual sovereignty'.
Chief Justice of India Dipak Misra on Saturday emphasised the need for developing a good institutional arbitration system in the country to attract investments in Indian economy.
"If India wants to attract investments, it needs to develop a good institutional arbitration system with minimum interference of courts and maximum execution of arbitration awards," CJI Misra said while delivering the keynote address at 'International Conference on Arbitration in the Era of Globalisation' at FICCI in New Delhi.
Justice Misra stressed that the country needs to adjust without surrendering the 'conceptual sovereignty'. "The shift has to be towards institutional arbitration while also keeping in mind the interests of the country," he said
"There is a need and there is a purpose. When you are handling a complex economy, there has to be structural adjudication of disputes," he said.
He added that "apart from the legal issue, it is an issue of getting the investment," and that "India has to inculcate faith in global investors that it has a very good institutional arbitrator system".
"It is not the human nature alone, but the commercial perceptions, the clauses in the contract, and swings in the business sometimes attract arbitrations," he said, adding that alternative dispute resolution system had gained priority and arbitration was one of them.
Regarding international disputes, he said that they require to be solved through international dispute resolution mechanisms. "We have to adjust. But when we adjust, we don't surrender our conceptual sovereignty. And that is where is India has to grow," he said.
"If there is trust and neutrality of the arbitrator and quickness in the adjudication of the arbitral proceedings then as the act says, there will be minimum interference by the courts, which is also the view of various Supreme Court judgments," CJI Misra said.
The CJI has time and again highlighted the importance of arbitration. Addressing a conference in Mumbai on November 5, he had said that India would have a pivotal place in the world of arbitration in future.
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