Earlier this 12 months, CJI Chandrachud had mirrored on the dearth of variety in appointing arbitrators, noting that retired judges dominate the sector whereas different certified candidates (akin to legal professionals and academicians) are ignored.

“If the Indian legal system has to move away from the tag of being an Old Boys’ Club, the arbitration space can add heft to the mission to provide equal opportunity — to men, women and them,” he had stated in his keynote handle on the Delhi Arbitration Weekend organised by the Delhi International Arbitration Centre on February 17, 2023.

Dhankhar lauded the “bold” remarks of the CJI – an individual, he stated, is altering the panorama of judiciary within the nation – on the arbitral system in India. “Time has come when we need to introspect, move forward by bringing about necessary changes, including, if required, by legislation,” he added.

“India is known for its rich human resources… but they are not picked up to adjudicate arbitral processes,” Vice President Dhankhar stated, additionally speaking about his three-year stint as a member of the International Court of Arbitration in Paris.

He stated that institutional arbitration was higher than advert hoc mechanisms because it offers a sound system for reaching conclusions. Dhankhar additionally stated there was a have to evolve a mechanism the place the arbitral course of doesn’t undergo judicial interventions.

He famous that when disputes final lengthy, the authorized fraternity advantages. “But our fiscal gain cannot be at the cost of national gain, national prosperity… economy will gallop… when the dispute resolution mechanism is fair, equitable and conclusive,” he stated.

Dhankhar spoke in regards to the rising significance of arbitration in India amid “an explosive economic growth” and the way disputes are pure to business exercise. He stated, “India’s economy is rising as never before. World entities have held out us as a favourite destination of opportunity and investment. The kind of progress we have recorded and the rate at which we are going has matched the world. There are bound to be disputes, disputes are natural to commercial activity. They happen because people have different perceptions about a particular point of view.”

“Therefore, we are in need of having a system that is robust, fast, scientific, effective, and delivers with the best of human brains,” he added.