WTC Bhubaneswar Holds Session on Arbitration

BHUBANESWAR, INDIA - “International Commercial Arbitration is the need of the hour,” emphasized a panel which conducted an interactive session on Domestic & International Arbitration organized by WTC Bhubaneswar here on October 22, 2016.

 The session was presided over by a panel comprising of Mr. Sujeet Kumar, Managing Partner, LexMantra, Legal & Business Advisory, Advocate Mr. Bibhu Prasad Tripathy, Hon’ble Member, Odisha Bar Council, Advocate Ashok G.V, Partner, TMT Law Practice, Mr. Aswini Patro, Asst. Professor, KIIT School of Law and Ms. Sheela Rai Professor, National Law University Odisha, Cuttack. 

While outlining the vast scope of arbitration as a dispute resolution mechanism, the panel, highlighted its practice in India as compared to the other parts of the globe. Mr. Sujeet Kumar through his presentation explained the concept of Arbitration and various factors which influence the same. He deliberated that Arbitration is a step towards ease of doing business in any country. Sighting the recent amendments to the Arbitration Act 1996 he asserted that an arbitration clause in all commercial contracts could simply the legal hurdles of a firm to a great extent. However also talking about the laxities in terms of absence of enough of arbitration bars, Institutional Centers and above all the culture needed to incorporate arbitration as a preferred mode for dispute resolution needs to be developed. 

Mr. Ashok GV, Partner, TMT Law Practice added his views with a presentation on the particulars on the increasing the scope for institutional Arbitration and how is it going to fight delayed action. He further deliberated on the root cause of ineffective contract management which increases the executional issues. He also recommended that it is arbitration through Institutional arbitration centers which would help in reducing the arbitration costs and also deal with the disqualification clauses as far as appointment of arbitrators is concerned. 

Ms. Sheela Rai, Professor National Law University Odisha, Cuttack while presenting a critical view said that Arbitration cannot deal with the errors while formation of a contract. Further highlighting the reasons for the practice of arbitration not developing in the country, she also discussed few prominent case studies. 

Mr. Bibhu Prasad Tripathy, Senior Advocate & Hon’ble Member Odisha Bar Council, while replying to the question by the moderator Mr. Sujeet Kumar as to why the arbitration center in Odisha High Court is not successful and the prospects of Arbitration in Odisha, pointed out on the lack of legal education in the country not matching the global developments. He insisted that the lawyers should be equipped with proper education on Arbitration and its related courses. He also discussed few prominent case studies.

Mr. Aswini Patro, Assistant Professor, KIIT School of Law while addressing the participants, advocated for arbitration saying courts are becoming pro arbitration. He further added that legislation's are drafted in such a way that there are lot of ambiguity. He also asserted on the need for commercial courts.

Earlier in her welcome address Ms. Nimeshika Natarajan, while welcoming the panelists and the participants, took the opportunity to introduce the panelists to the participants. The state of Odisha as we all know has tremendous potentials for large industries as well as medium & small enterprises. With Government of India’s recent initiatives such as relaxing the norms on foreign direct investment, promoting Make in India would lead to greater integration of the Indian economy with the global value chain she said. World Trade Center Bhubaneswar for the past 2 years now has been actively extending its services to the entrepreneurial mass of Odisha by means of educating them and enhancing their access to the global markets she added. 

The panel further took up a lively and interactive Q&A session with the participants.   

In Photo: A view of the session with the panelists in the head (L-R) Mr. Ashok GV, Partner, TMT Law Practice, Mr. Bibhu Prasad Tripathy, Senior Advocate & Hon’ble Member Odisha Bar Council, Mr. Sujeet Kumar, Managing Partner, LexMantra, Ms. Nimeshika Natarajan, Manger, WTC Bhubaneswar, Ms. Sheela Rai, Professor National Law University Odisha, Mr. Aswini Patro, Assistant Professor, KIIT School of Law.

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