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.
TAGS: Supreme Court Justice Hima Kohli India-MENA Arbitration Summit International Arbitration and Mediation Centre (IAMC) Hyderabad arbitration legal paradigm bilateral benefits international arbitration global dispute resolution
