FICL discusses domestic and international commercial arbitration

FICL discusses commercial arbitration

Issues on institutional domestic and international commercial arbitration were discussed at a Federation of Indian Corporate Lawyers (FICL) event on 17 March.

Hemant Gupta, former Supreme Court judge and the current chairperson of the India International Arbitration Centre in New Delhi, was the guest speaker in front of more than 30 attendees at the FICL Discourse.

He addressed the key differences between ad hoc and institutional arbitration and how public sector undertaking enterprises should draft their dispute resolution clauses with the foresight to mitigate the hindrances in the commencement and effective running of arbitral hearings.

FICL director Rohan Sharma said Gupta sought the views of chief law officers and general counsel attending the event on some issues.

“The discussions with Justice Hemant Gupta as the chairperson of the newly founded India International Arbitration Centre were very useful and interactive, which were attended by senior chief law officers and general counsel from the public and private sectors,” said Sharma.

The special address was given by PK Malhotra, former secretary of the Ministry of Law and Justice of India and the FICL’s patron, followed by a welcome address from Ashok Sharma, founder and CEO of the FICL.

Malhotra shared his insights on the pathbreaking amendments made in the Arbitration and Conciliation Act in 2021, such as the time taken for arbitral awards, the schedule of fees for the arbitral tribunal and ensuring the neutrality of arbitrators, among others.

SB Mitra, honorary president of the FICL, introduced the discourse topic and shared his insights on the issues faced by public sector undertakings in domestic and international commercial arbitration.