Foreign Awards In International Commercial Arbitration: Recognition, Enforcement And Challenges To An Award
Anushree Pandey, BALLB, Babu Banarasi Das University
“At all events, arbitration is more rational, just and humane than the resort to the sword”
- Richard Cobden
INTRODUCTION
The inevitable part of globalisation and the global economy is the burgeoning of international commercial disputes between the parties involved in trade or agreement. We are aware of the fact that an increase in international trade and investment is accompanied by growth in commercial disputes hence there is a need to address these issues through a dispute resolution mechanism. The parties involved in such disputes ordinarily avoid the litigation mechanism as the process becomes tedious as well as exorbitant. In recent decades, most of the parties in such commercial disputes have shown their disinterest in the litigation process especially for any cross border dispute with India. Delivering speedy justice in such matters or overall any kind of matter seems to be futile. Adding to that the decisions by the Indian Judiciary in matters related to an international commercial dispute have come under scrutiny in the last few decades, that is why the need for some alternative mechanism becomes necessary. This alternative mechanism comes in the form of arbitration or ADR(Alternative Dispute Resolution). ADR has gained much significance in the 21st century which proves the need for out of court settlement. Herbert Read1 has rightly said that “I can imagine no society which does not embody some method of arbitration”
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