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India needs to first build institutions where the disputing parties should have confidence that arbitration will be quick and expeditious to make India Premier destination for arbitration said, Lalit Bhasin, President Society of Indian Law Firms.
While speaking at fifth edition of Global Legal Summit and Legal Leaders Awards Bhasin said, "It will not be very expensive, why corporate bodies who have dispute and who are Indian parties, they prefer to go to Singapore and not have the dispute arbitrated upon in India."
He added, by just setting up one institution which is called the International Arbitration center, under the chairmanship of one of the esteemed former judges of the Supreme Court as people will consider that to be a government sponsored body. We need to create our independent institutions.
Bhasin further said, the development of the economy of our country depends upon the legal support which the General Counsel give to their corporate employers. It is based on that joint ventures are entered into protocols are entered into bilateral agreements and conventions.
