Voicing imperative need for a well-defined arbitration mechanism in the country, Chief Justice of India, DIpak Misra said that the country needs to inculcate a minimum interference and maximum execution model.

Stressing the importance of arbitration, Misra added that in order to project the economy viable for business, it is important to have an approach based on trust, and this can be well facilitated by a healthy arbitration mechanism in place.

“Trust is the spine of the growth in the economy, without trust the economy is not as strong as it is with it “Misra said.

Tracing the evolution of the mechanism, Misra said that when he joined the Delhi office the arbitration used to happen in an annexe of the court premises, which he moved as a first realising the need to have an independent structure for the same.

Comparing the scenario in other countries including United States of America and United Kingdom, the Chief Justice said that these countries have already recognized the significance of the mechanism, and are therefore have already set institutionalised arbitration system.

Commenting on the international arbitration, Misra said that while dealing with international cases, there is a need to broaden and adjust and not remain stiff.

Misra was speaking at the inaugural event of the second edition of international conference ‘Arbitration In The Era Of Globalization’ organized by  FICCI in association with Indian Council of Arbitration (ICA). (KNN/ DA)