India Poised to Become Key Hub for International Arbitration: Supreme Court Justice Surya Kant

Supreme Court judge Surya Kant emphasized India's dedication to international arbitration and enforcement of foreign awards, marking it as a preferred dispute-resolution method. The valedictory function celebrated the 75th Supreme Court anniversary and 125 years of the Permanent Court of Arbitration, indicating a future where India emerges as a global arbitration hub.

Supreme Court Judge Surya Kant emphasized India's unwavering commitment to international arbitration and the enforcement of foreign arbitral awards during an event on Sunday. Highlighting the prominence of this alternative dispute-resolution mechanism, he noted its growing preference for settling disputes in India.

Speaking at the valedictory function commemorating 75 years of the Supreme Court and 125 years of the Permanent Court of Arbitration (PCA), Justice Kant declared that India is entering a new era in arbitration, bolstered by significant infrastructural support.

Justice Kant pointed out India's history of supporting international arbitration, mentioning that India was among the first Asian nations to sign key international conventions. He expressed optimism about the PCA's new office in India, which he believes will attract more international parties and make arbitration more accessible for local businesses and individuals.

Solicitor General Tushar Mehta and Senior Advocate Gaurav Banerjee also endorsed the PCA's decision, emphasizing its strategic timing and potential benefits for India's legal landscape. Chief Justice of India D Y Chandrachud had earlier underscored the importance of fostering a culture of international arbitration to promote economic stability and growth.

(With inputs from agencies.)