Reform of Indian Commercial law warranted: Kerala HC CJCalling for proper reform of Indian Commercial Law, Kerala High Court Chief Justice S R Bannurmath today stressed the importance of adopting institutional arbitration instead of ad-hoc arbitrations.
Addressing a gathering after inaugurating a national seminar on Maritime Arbitration : Techniques and Enforcement organised by the Indian Council of Arbitration (ICA) and the Kerala Chamber of Commerce and Industry (KCCI), Justice Bannurmath said, "India was an emerging economy with increase in international commerce. We need to assure that our laws are adapted to the needs of global markets and cross border transactions." Stressing the importance of reforms of the Indian Commercial Law, he said "Our domestic laws cannot provide solutions to problems of international commerce and there was a need for codification and harmonisation of uniform rules to provide a neutral legal regime, where parties do not select applicable laws but settle only the most essential terms." On the importance of arbitration process, Justice Bannurmath said the institutional arbitration was an advantageous and appropriate mechanism and it deserves to be accepted.
Listing out the advantages, he said institutional arbitration provides the availibality of pre-established rules and procedures, which assure that arbitration would get off the ground and proceed to conclusions.
Justice Bannumuth noted that administrative assistance from the institutions also provide a secretariat or code of arbitration which would augur well for the Alternative Disputes Resolution System (ADR).
The institutional arbitration also provides a list of qualified arbitrators and appointment of arbitrators by the institutions, facilities and support services for arbitration and assistance in encouraging reluctant party to proceed with the arbitration process, he said.
Justice Bannurmath rued that one of factors responsible for questioning the efficacy of the Indian judiciary was the delay in disposal of cases.
Kerala High Court Judge Justice Thottathil B Radhakrishnan, Cochin Port Trust Chairman N Ramachandran, ICA Kerala Chapter Chairman C P Jain were among those present on the occasion.