Indian branch of London Court of International Arbitration Opens

The Hindu newspaper has reported..

That the  Indian branch of London Court of International Arbitration (LCIA) was inaugurated in New Delhi on Saturday.

The Hindu reports

The alternative modes of dispute resolution are not new and international commercial arbitration is extensively used by the commercial community worldwide.

The LCIA is the longest existing institution that administers arbitration services and is based in London.

Realising the importance of India as an emerging economy and its strategic geographical location of immense convenience, LCIA decided to set up office in India in the form of a new entity controlled and regulated by Indians entitled as LCIA India. Chief Justice of India K.G. Balakrishnan expressed confidence in the organisation and its ability to help India in effective resolution of commercial disputes. He wished good luck to the venture.

“Will benefit India”
President of LCIA Jan Paulsson, a world renowned arbitration, expert said that the organisation would benefit India and its commercial community and, in the process, lawyers as well.

He said LCIA had already registered 100 cases till March this year and would perform equally well in India.

Union Law Minister H. R. Bhardwaj strongly emphasised the strong ties of India and the United Kingdom in terms of the legal system and exchange of ideas and expressed the hope that establishment of LCIA would take this process further.

“Speedier justice”
Dushyant Dave, Senior Advocate and President of Asia Pacific User’s Council of LCIA, felt that the burden on courts “needs to be reduced. This can be achieved by effective administration of arbitration. There is a huge market in India and use of this new institution will make justice faster for Indian Industry.”

British High Commissioner Richard Stag, Attorney General of India Milon Banerjee, Fali Nariman and other eminent lawyers and jurists and representatives of leading commercial houses of the country attended the function.