This post has been written by Parishkriti Atri, a first year law student pursuing LL.B. (H) from Amity Law School, Noida.
In Arbitration an agreement is sought between the parties, where a party other than the court resolves the dispute between them.
Arbitration is cost effective and a faster method of settling disputes. Time and place of hearing can be chosen according to one’s convenience, and parties can keep the details of their disputes private. Hence, it has become a preferred alternative to the courts.
The types of disputes that cannot be resolved by arbitration include Criminal offences, Matrimonial disputes, Guardianship matters, Insolvency petitions, Testamentary suits, Trust disputes, Labour and industrial disputes, Tenancy and eviction matters amongst others.
Some institutions are established to administer arbitration proceedings. The Arbitration and Conciliation Act guides their own rules of provision. It is common for the parties in arbitration to refer to such institutions in the terms of their agreements. These institutions are called Institutional Arbitration. The Arbitral Institutions usually have a fixed arbitrator’s fees, administrative expenses, qualified arbitration panel, rules governing the proceedings amongst others., which help in the smooth and orderly conduct of arbitration proceedings.
Some of the Indian institutions which provide their own set of rules and procedure for arbitration are:
-Indian Council of Arbitration
-Indian Merchant Chambers and so on.
ESTABLISHMENT OF INDIAN COUNCIL OF ARBITRATION
The Indian Council of Arbitration, established in 1965 by the government and apex business organizations like FICCI etc., is a national level arbitration body. However, subsequently, the ICA attained an autonomous status and became an independent body.
It is a registered society under the Societies Registration Act, 1860, working on a not-for-profit basis with its head office in New Delhi and ten branches in a pan-India network.
It encourages arbitration as a way of resolving commercial disputes and promotes arbitration among traders, especially among people who are involved in international trade. It also advances smooth and easy settlement of foreign trade disputes in order to bring about goodwill.
ICA DISPUTE BOARD
- President- Mr. N.G Khaitan
- Senior Vice President- Mr. Rohit Relan
- Vice President- Ms. Geeta Luthra
- Director General- Mr. Dilip Chinoy
- Advisor- Mr. Arun Chawla
- Propagating and popularising commercial arbitration in relation to foreign trade.
- Arranging arbitration of disputes in international trade through its constituent members.
- Maintaining panels of persons to function as arbitrators
- Collaborating with international organizations and arbitral bodies in relation to international commercial arbitration.
- Organising training course on commercial arbitration.
- Promoting amicable, quick and inexpensive settlement of commercial disputes by means of arbitration, conciliation, regardless of location.
ACTIVITIES OF ICA
The Indian Council of Arbitration holds regular meetings at which businessmen, representatives of Export promotion councils, public sector undertakings, chambers of commerce and trade associations meet to discuss problems of settlement of disputes.
One of its important informative brochures is “standard contract forms and general conditions for use in international contracts”. This brochure gives all important aspects of international trade transactions and also suggests comprehensive specific terms and conditions concerning rights and duties of the parties to a trade contract.
How to Register for Arbitration through Indian Council of Arbitration
A written application to the registrar, asking for an arbitration, has to be initiated by the parties. Registrar, as deemed fit, may reject the request on reasonable grounds. Such grounds will be subject to judicial scrutiny.
Along with an application request the following are required:
- The names and full addresses of the parties to the dispute.
- Statement of the claim and facts supporting the claim points at issue and relief or remedies sought with other details of the claimant’s case.
- Original or duly certified copies of the arbitration agreement, any contract or agreement out of or in connection with which the dispute has arisen and such other documents and information relevant or relied upon.
- INR 1000, registration fee.
- Where the arbitration has been ordered by the court, then a certified copy of the order of such court.
At this time, ICA is not only the foremost arbitral institution in India, but it is also one of the most important arbitration centers in Asia Pacific, dealing with more than four hundred domestic and international arbitration cases every year.
It also provides the commercial world with an unrivalled and time-tested Maritime Arbitration services and imparts education and training in alternative dispute resolution mechanisms.
1.Aggarwal, Nikeita, Rules of arbitration and the role of Indian Council of arbitration, IPLeaders, https://blog.ipleaders.in/rules-of-arbitration/amp/
2.Indian Council of arbitration/objectives/activities, Account Learning, https://accountlearning.com/indian-council-of-arbitration-objectives-activities/
3.Kumar, Abhishek, Arbitration organisations in India, Singhania and partners, https://singhania.in/arbitration-organisations-in-india/
4. About ICA, Indian Council of arbitration, www.icaindia.co.in/index.htm
5. Khaitan, N.G, World arbitration reporter, Arbitration law, https://arbitrationlaw.com/library/indian-council-arbitration-ica-national-arbitration-institution-world-arbitration-reporter
Read about Alternative Dispute Resolution
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