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ARTICLE · 27 JULY 2015

From Regressive To Progressive: The Changing Face Of Arbitration In India

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The growth of international arbitration has helped in reducing the transaction costs of business through quick resolution of disputes.

IndiaLitigation, Mediation & Arbitration
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Introduction

The growth of international arbitration has helped in reducing the transaction costs of business through quick resolution of disputes. This has been possible because of minimal court interference, especially at the stage of enforcement of arbitral awards. In India, the Supreme Court delivered judgments which increased the scope of judicial interference in enforcement of foreign arbitral awards. This led to a decrease in the confidence of international businesses to arbitrate in India. However, the 2012 judgment of the apex court in Bharat Aluminium Co. v Kaiser Aluminium Technical Services Inc.1 ("BALCO") ushered in a new era of arbitration in India. Heralded as a "new dawn" for Indian arbitration, the case has served as a precedent for progressive judgments by courts in the area of international commercial arbitration.

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