What Ails the Indian Arbitration Regime: A Legislative Analysis with Singapore Regime
Volume III, Issue VI, 2020
The process or strategy with which we can resolve the dispute outside a Court can be stated as Arbitration. Specifically speaking about International Commercial Arbitration, it can be stated as the alternative dispute resolving method between private parties that are commercial in nature conducted in different nations which will help in avoiding legal action in the National Forum. With changing technology and rapid increase in economic status, India is establishing itself in the world of international commercial trade. Countries like China, USA, Singapore, United Kingdom has set astonishing examples in the world of Commercial Arbitration. The arbitration proceedings have been universally accepted with uniform standard norms by UNCITRAL Model Law which has been followed by countries practicing commercial trade. In this research work, the analysis of Singapore Law regarding its National Commercial arbitration would help us to analyze about why it has been accepted as the most preferred destinations as like London. This would help in visualizing what changes need to be accepted that would create the Indian Arbitration process stronger amid the flaws which will strengthen the practices. SIAC or Singapore International Arbitration Centre rules getting compared to Indian Arbitration and Conciliation Act, 1996 and its analysis will help us in knowing what has ailed the Indian Commercial Arbitration.
Keywords – International Commercial Arbitration, UNCITRAL Model Law, Arbitration and Conciliation Act, SIAC