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23 Aug 2019, Edition - 1501, Friday

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Encourage Foreign Practioners Third Party Funding for Progressive Ecosystem: Mr. Mark Bravin

Covai Post Network

At a discussion organized by the Nani Palkhivala Arbitration Centre in Delhi, leading American attorney Mr. Mark Bravin, elaborated on India’s growing role and contribution to the global arbitration ecosphere.

 

Right to Left – Mr. Mark Bravin & Senior Advocate, Mr. Gaurav Pachnanda deliberating on India’s growing role and contribution to the global arbitration ecosphere at NPAC Delhi

 

Mr. Bravin discussed various aspects of International arbitration and India’s role in becoming one of the leaders in the Arbitration ecosystem. Some of India’s prominent arbitration practitioners, including Mr. Gaurav Pachnanda, Senior Advocate, Supreme Court of India along with Mr. Sasi Prabhu, Ms. Payal Chawla, and Mr. Shashank Garg, also participated in the discussion. He discussed the famous case of Hardy Exploration & Production (India), Inc. v. Government of India, Ministry of Petroleum And Natural Gas, which was filed in the US District Court of Columbia, which ruled in favour of the Government of India refusing to recognise an Arbitral Award on grounds of public policy.

 

We also had the opportunity to speak to Mr. Bravin, who gave us insights into restricting foreign arbitrators from practicing in India. He felt this will put India behind the curve of global arbitration practices and can make arbitration even more difficult for the lawyers based out of India, he added.

 

The meeting highlighted the relevance and need of third-party funding in any arbitration case. Mr. Bravin said, “Third party funding should be encouraged as it empowers parties who can’t afford the procedures but have a right to justice. Third-party funders are also very careful in assessing the probability of winning the arbitration case and therefore it’s a win-win for everyone. It is a common practice in countries like the United States, United Kingdom and France, and is rapidly expanding.

 

Parties in India are increasingly turning to arbitration, and the Indian judicial system has witnessed a considerable rise in parties seeking institutional arbitration. According to a recent EY report, in the last three years, India has seen a growth of nearly 200% in the number of disputes that have been referred to arbitration. The entry of institutes like NPAC has brought in an efficient structure and world-class resources to facilitate establishment of India as a hub of arbitration.

 

About Nani Palkhivala Arbitration Centre (NPAC)

Founded in 2005, NPAC is the only Arbitration forum in South India to have been formally recognized by the Madras High Court. With the inauguration of its branch in Delhi last year, it also became the first Indian Arbitration Institute to have two centres in the country. NPAC is modeled on the lines of International Arbitration Centres, and aims at providing world class arbitration facilities by facilitating Ad hoc and Institutional Arbitration in both the public as well as private domain.

 

For further information, please visit – www.nparbitration.com.

 
Source: Newsvior

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