Former Supreme Court Justice L. Nageswara Rao stated that the limited visibility of the India International Arbitration Centre indicates a broader trust deficit in institutional arbitration in India, as discussed during a recent panel event.
Trust Deficit in Institutional Arbitration Discussed by Justice Nageswara Rao
During a panel discussion at the Singapore International Arbitration Centre, former Supreme Court Justice L. Nageswara Rao addressed the concerns surrounding the India International Arbitration Centre (IIAC)'s limited visibility in the legal landscape. His remarks align with a recent report by the Parliamentary Standing Committee that highlights a perceived trust deficit in institutional arbitration within the country.
Justice Rao pointed out that the lack of recognition and effectiveness of IIAC could hinder the growth and reliability of institutional arbitration in India. The discussion, which took place during Singapore Convention Week, was moderated by White & Case Partner Aditya Singh.
This commentary comes at a crucial time when the legal community is increasingly exploring alternatives for resolving disputes. The inefficacy in institutional frameworks can lead to a reliance on ad-hoc methods, thereby complicating the resolution process for many arbitration cases.
For practitioners, this discussion brings to light the urgent need for reforms within institutional arbitration mechanisms. Enhanced transparency and operational effectiveness of institutions like IIAC are necessary to build confidence among stakeholders and encourage wider use of arbitration as a viable conflict resolution method.
