New Delhi, June 4 Chief Justice of India (CJI) B.R. Gavai on Wednesday said that arbitral institutions must show that arbitration is not just private but “principled” to earn public trust.
Speaking at London’s LCIA International Arbitration Symposium, CJI Gavai stressed that arbitral institutions should have a panel of neutral arbitrators of experts from different fields and jurisdictions to be able to cater to the needs of parties from around the globe.
Apart from the above, he said that these institutions should follow a set of procedural rules which are easy to comprehend, follow a transparent fee structure, adopt technological facilities such as provision for virtual hearings and live transcriptions, and utilise efficient case management.
"At the end of the day, parties don’t just want justice – they want justice that’s on time, on budget and has finality. It is this consistent and well-brewed cup of coffee that people will keep coming back to," CJI Gavai said.
Further, speaking on the change needed in the arbitration practice in India, the Chief Justice said that the arbitral award should be the last word and not an invitation to round two in court, except in those cases where there is manifest injustice.
"If I had a wand, I’d make 'final award' actually final, not a prelude to years of post award litigation. Arbitration is not meant to be the first lap of a marathon disguised as a sprint,” he said.
CJI Gavai stressed the need to grant institutional arbitration the “mainstream seat” it deserves. "Institutions bring structure, credibility, and discipline - and it's time we stopped treating them like a backup plan."
Further, he underscored the need to expand the pool of arbitrators - because justice should not come from a "closed club". "Diversity is not just good optics; it is better outcomes," CJI Gavai said.
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