Supreme Court judge, Justice Hima Kohli recently observed that collaborative efforts between India and the Middle-East and North Africa (MENA) region could boost arbitration on a global level, while speaking at an India-MENA Arbitration Summit hosted by the International Arbitration and Mediation Centre (IAMC), Hyderabad.
Justice Hima Kohli, who was the Chief Guest, highlighted that the India-MENA Arbitration Summit has been organised by IAMC to bring global experts to bolster arbitration in the international legal paradigm.
“As India positions itself at the forefront of international dispute resolution, the collaborative India-MENA corridor initiative has not only the potential to yield bilateral benefits, but also to significantly raise the bar for international arbitration globally," she went on to comment.
The two-day Arbitration Summit was held on February 17-18, 2024 in Hyderabad. The event was a confluence of leading arbitration experts from the India and the Middle East and North Africa (MENA) region.
The gathering comprised of judges, arbitrators, senior advocates, general counsel, law firm partners, industry leaders and members from the business and legal fraternity.
In her keynote address, Justice Kohli said,
“India’s dynamic economic and legal progress, in synergy with the MENA region, positions it as an emerging leader in global dispute resolution. This century will define India’s ascent as a global arbitration leader, particularly in collaboration with the MENA region in the international legal arena.”
Justice Kohli noted that through amendments and reforms, the legal regime in India has kept pace with the ever-evolving business community and that India was all set to embrace unprecedented economic and business growth.
She added that the geographical and cultural proximity between India and MENA simplifies access to local expertise and imbues the arbitration process with invaluable region-specific insights.
Justice Kohli also emphasised on the judiciary’s unwavering support to the growth of arbitration in the country.
"It is imperative to recognise that the essence of justice lies not only in honouring and enforcing arbitral awards but also in safeguarding the interest of fairness and equity," she said.
She underscored that judicial intervention in arbitration matters, on the grounds of patent illegality or public policy, should be minimal and deployed sparingly and with utmost caution.
Tariq Khan, Registrar of IAMC Hyderabad delivered the welcome address, highlighting the key achievements by IAMC since its inception in December, 2021.
Justice Alok Aradhe, Chief Justice of the Telangana High Court also spoke at the event and noted that there is a statutory duty upon the judiciary to identify cases which are fit for resolution through alternative means. It is imperative for courts to ensure the sanctity of the arbitration process and respect party autonomy in the arbitral process, he added.
Former Supreme Court judges, Justices L Nageswara Rao and RV Raveendran were also present during the inaugural session. They observed that the institutionalisation of arbitration would help in bringing in the required professionalism and efficiency into the process and substantially reduce costs and delay in arbitration.
Jehad Kazim, Executive Director of the Dubai International Arbitration Centre (DIAC), observed that UAE’s investment in India reflects the deep ties between the two regions. She encouraged the gathering to use the Summit as a platform to harbour solutions that addresses the challenges for a sustainable future for arbitration and to foster the growth of arbitration in India and UAE.
The inaugural session was followed by panel discusses on various themes concerning arbitration.
A fireside chat powered by M&CO Legal on the enforcement of arbitral awards in India and the MENA region, was moderated by Anirudh Krishnan, Founding Partner, AK Law Chambers.
Dr. Mahmood Hussain, Founding Partner, M&CO Legal, explained the process of arbitral awards in the UAE. He emphasised that there is no point of having an award if it cannot be enforced. The issue with enforcement majorly arises because domestic and transnational public policies are not differentiated which affects the parties and hampers swift enforcement of arbitral awards.
The other panelists who shared their views included Senior Advocates Satvik Varma and Krishna Grandhi and Sundari R. Pisupati, Co-Managing Partner, Tempus Law Associates.
The second session, powered by Abu Dhabi Global Market (ADGM) dwelt on the theme, "Shifting sands from the Far Middle East to the Middle East and beyond."
Dilip Massand, Co-Founder and Chief Executive Officer of Phoenix Advisors Ltd. moderated the session. Massand observed that the India and UAE region would soon be a conduit of business investment and exchange of ideas
Linda Fitz-Alan, Registrar, ADGM motivated the gathering to wake up and realise that arbitration is the need of the hour and that globally the dispute resolution mechanism has transitioned to be more client-centric.
The other speakers included Shaneen Parikh, Partner, Cyril Amarchand Mangaldas; Vivek Kapoor, Barrister & Arbitrator, 39 Essex Chambers; and Arno Janssens, Counsel, Abu Dhabi International Arbitration Centre (ArbitrateAD).
Day 1 of the Summit concluded with a discussion on “Challenges Faced in Cross Border M&A Transactions in the MENA Region”, powered by Osborne Partners. This session was moderated by Arun Visweswaran, Partner, Addleshaw Goddard.
The discussion covered the genesis of M&A disputes, jurisdictional options, the nature of disputes that arise in M&A, and the emerging trends in the field.
The speakers for this session included Paul Tan, Partner, Gibson, Dunn & Crutcher; Lomesh Kiran Nidumuri, Partner, Cyril Amarchand Mangaldas; Montek Mayal, Partner and Practice Head - Asia & the Middle East, Osborne Partners Ltd; and Raj Panchmatia, Partner, Khaitan & Co.
Day 2 of the Summit started with a panel discussion on “Enforcing Justice: DIAC as the Pinnacle for Indian Arbitrations in MENA”, conducted by the Dubai International Arbitration Centre (DIAC).
Arun Visweswaran, Partner, Addleshaw Goddard, moderated the session and stated that the new DIAC Rules are in compliance with international best standards. He further clarified that the DIFC and ADGM are seats of arbitration while DIAC is an Arbitral Institution.
This session witnessed a discussion between Jehad Abdulrazzaq Kazim, Executive Director, DIAC; Aarti Thadani, Partner, Norton Rose Fulbright; Hari Krishna, CEO, Nimble Legal; and Shreyas Jayasimha, Co-Founder Partner, Aarna Law (India) and Simha Law (Singapore).
The ensuing panel discussion on “Opportunities and Challenges in the India-UAE Bilateral Investment Treaty" was powered by Cyril Amarchand Mangaldas & Co. and moderated by Khushboo Shahdadpuri, Senior Counsel, Al Tamimi & Co.
Fatima Balfaqeeh, Managing Partner, Balfaqeeh Advocates & Legal Consultants highlighted that India has recently signed both BIT and Comprehensive Economic Partnership Agreement with the UAE which would lead to the strengthening of the investment partnership between both the regions. She noted that the track record of settlement of investment disputes between India and UAE is good. However, she went on to observe that India not being a signatory to the ICSID may pose a challenge in arbitrating investment disputes.
The other panel members in this session included Senior Advocate Vikram Pooserla; Gauhar Mirza, Partner, Cyril Amarchand Mangaldas; and Arjun Doshi, Head - Litigation, Adani Ports and SEZ.
The Day 2 of the Summit concluded with a fireside chat session on “Bridging the Gap: What Arbitration in Hyderabad Needs”, which was powered by 39 Essex Chambers.
Senior Advocate Sitesh Mukherjee, who is the Honorary CEO of IAMC Hyderabad, moderated the session and observed that, "We need to reform our domestic arbitral system.”
Justice L Nageswara Rao, former Supreme Court judge, emphasised that the mindset of having only retired judges as arbitrators needs a change. To foster a culture of arbitration in India, arbitral institutions should be approached where one has access to a panel of arbitrators and where the centre would aid in the administration of the cases, he added.
TAGS: "Supreme Court Judge Highlights Potential of India-MENA Corridor in International Arbitration"
