Encourage foreign practitioners, third-party funding for progressive ecosystem: Mark Bravin
New Delhi [India] April 26 (ANI/NewsVoir): At a discussion organized by the Nani Palkhivala Arbitration Centre in Delhi, leading American attorney Mark Bravin, elaborated on India's growing role and contribution to the global arbitration ecosphere.
ANI
Apr 26, 2019 20:40 IST
New Delhi [India] April 26 (ANI/NewsVoir): At a discussion organized by the Nani Palkhivala Arbitration Centre in Delhi, leading American attorney Mark Bravin, elaborated on India’s growing role and contribution to the global arbitration ecosphere.
Bravin discussed various aspects of International arbitration and India’s role in becoming one of the leaders in the arbitration ecosystem. Some of India’s prominent arbitration practitioners, including Gaurav Pachnanda, senior advocate, Supreme Court of India along with Sasi Prabhu, Payal Chawla, and Shashank Garg, also participated in the discussion. He discussed the famous case of Hardy Exploration & Production (India), Inc v. Government of India, Ministry of Petroleum And Natural Gas, which was filed in the US District Court of Columbia, which ruled in favour of the Government of India refusing to recognise an arbitral award on grounds of public policy.
Bravin gave insights into restricting foreign arbitrators from practising in India. He felt this will put India behind the curve of global arbitration practices and can make arbitration even more difficult for the lawyers based out of India.
The meeting highlighted the relevance and need for third-party funding in any arbitration case.
“Third party funding should be encouraged as it empowers parties who can not afford the procedures but have a right to justice. Third-party funders are also very careful in assessing the probability of winning the arbitration case and therefore it’s a win-win for everyone. It is a common practice in countries like the United States, United Kingdom and France, and is rapidly expanding”, said Bravin.
Parties in India are increasingly turning to arbitration, and the Indian judicial system has witnessed a considerable rise in parties seeking institutional arbitration. According to a recent EY report, in the last three years, India has seen a growth of nearly 200 per cent in the number of disputes that have been referred to arbitration. The entry of institutes like NPAC has brought in an efficient structure and world-class resources to facilitate the establishment of India as a hub of arbitration.
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)
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