India Seated International arbitrations have become faster than Singapore

Infraline Energy organised Law- Assemble India Summit, (India’s first Legal Conference for the Energy Industry) on 27th and 28th of July 2016 in Hotel Shangri-La New Delhi. Mr S Ravi Shankar, International & DomesticArbitration lawyer and Senior Partner of Law Senate law Firm was invited to Chair the event. While delivering his welcome address he highlighted the efforts of the Government in getting Foreign investment in the Energy Sector and further stated that 100% FDI in Energy sector has developed some enthusiasm among the foreign investors. 

Later he made a presentation on “The Impact of 2015 Arbitration & Conciliation (Amendment) Act,2015” on the dispute resolution of Energy Disputes. During the presentation Mr S Ravi Shankar explained the impact of each of the amendments to the arbitration Act and the impact each of them create over the international and Domestic arbitrations in the area of energy. He also expressed his confidence that it is not far from now, that foreign parties may choose India seats in Indian arbitration. He also stated that, by Fixing a time line of 12 months for an arbitration seated in India, to conclude, the Government has created a situation that India seated arbitrations will come to an end in 12 months which is faster than Singapore. He also urged the stake holders Parties, lawyers, Arbitrators and the Judges handling the arbitration related litigation to try their level best to achieve the objective of the Act. He further stated that making the High Court as appropriate Court for all International arbitrations and empowering the Courts in India with powers to grant interim orders in support of foreign seated arbitrations. He also stated that the reduction in the scope of Public policy will really help the speedy disposal of challenge proceedings. He also Stated that Chief Justice of India should designate some International Arbitral Institutions from India to exercise the powers under S.11(9) of the Arbitration & Conciliation Act,1996 (Power to appoint arbitrators in International Arbitration matters seated in India), which is permissible under the new Act.

The only challenge as on today is the pendency in the Courts in India which makes the Judges overburdened and delay the arbitration related litigation. He requested the Government to increase the number of Courts or to create an “Arbitration Court” independent of the regular courts, with powers to deal with all arbitration related matters. He stated that if the said Arbitration Court system is brought into our country, India will become the hub of International arbitration. Such a situation will create large employment opportunities in the Legal and Para legal sector.

Very important speakers including Mr Badrinath Durvsala Vice President and General Manager (Legal), Mr JK Bhodha General Manager Legal of ONGC, Mr Atul vinayak Deputy General Manager (Law) of Power Grid Corporation Ltd, Sumant Nayak (Essar Power Bank), Mr Gaurav Anand Legal Head Ministry of Petroleum and Natural Gas and Mr Pranav Margo of SIAC delivered their presentations during the event.