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Call for speedy resolution of commercial disputes

JAIPUR: The Chief Justice of India, Justice K. G. Balakrishnan, has called for resolution of commercial disputes through arbitration in the present era of globalisation to safeguard huge investments coming to the country.

Mr. Justice Balakrishnan underlined the role of Bar Councils and senior lawyers in promoting alternative dispute resolution mechanisms in the economic spheres at a seminar on “Mediation and arbitration” here over the weekend.

The seminar was organised by Union Internationale des Advocats (UIA) and LAWASIA to deliberate on the scope for out-of-court settlement of disputes arising in the commercial sector, especially among the multinational corporations. A large number of legal experts, lawyers and academicians attended the deliberations.

Mr. Justice Balakrishnan said speedy resolution of commercial disputes was the need of the hour as they affected the financial health of the country. “Prompt disposal of these cases will ensure that investments remain unaffected and financial growth is not inhibited,” he said.

The Chief Justice pointed out that the initiatives for alternative dispute resolution had proved very successful in cities such as Chennai and Bangalore with the help of senior lawyers and retired judges. The matters settled there included a large number of matrimonial disputes.

Union Law Minister H. R. Bharadwaj said the commercial disputes were on the rise in the wake of increasing transactions in the corporate sector around the world and added that arbitration could ensure their speedy resolution. Rajasthan Chief Minister Vasundhara Raje said several institutions in the State such as Jaipur Development Authority, Directorate of Commercial Taxes and power discoms were resolving disputes through conciliation committees.

Among others, Justice A. K. Mathur of the Supreme Court, and the Chief Justice of the Rajasthan High Court, Justice Narain Roy, attended the seminar. The UIA, established in 1927 as an international association of lawyers, is a body facilitating international contacts among lawyers.

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