Transforming Commercial Dispute Resolution - A Quest for Investment & Economic Growth

Abstract Change is the law of nature and is inevitable, likewise a legal system with an absolute certainty of law is clearly a myth. Law is dynamic in nature and is the product of many factors. Idealistic view of strictly functioning in accordance with legislations only can have an adverse effect on the society and will leave the judges as a mere puppet. The best possible way can be a middle path by allowing both procedural as well as substantive amendments to fill the loopholes in any statute and fair interpretation of law by judiciary. In case of commercial arbitration in India the interpretation of the statute by Indian court has not been consistent in nature which sometimes create a problem, the Supreme Court being the sole repository of administration of law has to work in accordance with demand of the society and in the favour of nation’s growth along with development. In, recent years the pro arbitration approach adopted by judiciary has been a commendable effort for speedy resolution of some essential economic matters. The scope of Arbitration Agreement in Construction Contracts, Enforcement of Investment treaty Arbitration awards against the Indian State especially after the case of White Industries v. Republic of India has grown exponentially as India lost the case, but the incident has led to the demand of a stronger version of the model BIT for India in which the Indian judiciary has a major role to play along with the laws enacted by the legislature.