Vice President calls for reforming Indian Arbitration System

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Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute.
- Arbitration is a quasi-judicial proceeding. It is one of the mechanisms of Alternate Dispute Resolution (ADR).

Arbitration Mechanism in India
- Arbitration and Conciliation Act, 1996 governs the arbitral proceedings in India.
  - It was based on UNCITRAL (United Nations Commission on International Trade Law) Model Law on International Commercial Arbitration 1985 and UNCITRAL Conciliation Rules, 1980.
- Act has been amended in years 2015, 2019, and 2021.
- Arbitration and Conciliation (Amendment) Act, 2021 allows for an unconditional stay of the enforcement of arbitral awards in cases where the arbitration agreement, contracts, or award itself were obtained through fraud or corruption.
  - This amendment was effective retrospectively from October 23, 2015.

Issues with Arbitration System
- Lack of diversity in appointing arbitrators, as retired judges dominate the field.
- Lack of Trust as there is always scepticism about the independence and impartiality of the third party.
- Judicial intervention in arbitration proceedings leads to delays in awards.

Disruptive technologies can be used in arbitration to ensure effective and timely resolution.
Increase efficiency to build trust, with quality infrastructure.
Diversity in source and experience like adding other qualified candidates such as lawyers, academics, etc.
Limiting court intervention in arbitral awards to strengthen ADR in India.