International Commercial Arbitration: Contemporary Legal Issues with special reference to India

Due to the development of the society, human clashes are inescapable. As a result of this undesirable circumstance it is required that, there ought to be a powerful, simple and speedy instrument for resolution of such debate, separated from judiciary, which is as of now burdened with pending cases. In this circumstance international commercial arbitration has contributed immensely in the commercial field. The field of international commercial arbitration has developed with momentous speed in recent times. It has expanded significantly as the foremost viable dispute settlement mechanism and thus a critical and imperative apparatus for advancing worldwide trade and investment. Hence, conventions and pacts have been adopted, and specialized institutions have been set up, in order to move forward and encourage the working of international commercial arbitration. In India, with the modernization of the legitimate framework, since 1990, there has been a dynamic slant towards the codification of arbitration and ratification of progressive arbitration law. Eventually in 1996, after the failure of the Arbitration Act, 1940, India opened a modern chapter in its arbitration law when it passed the Arbitration and Conciliation Act, 1996. This Act is primarily propelled by the Model Law (1985). India too has joined different imperative international conventions on international arbitration, such as the Geneva Convention, 1927 and especially the New York Convention, 1958 on the implementation of foreign awards. This paper throws light on the contemporary legal issues related with international commercial arbitration, with special reference to India.