Mediation Convention expected to make resolution of corporate disputes efficient
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Synopsis
The Convention, which came into force in September, and is a significant development in international commercial dispute resolution and will surely help India’s case in ‘Ease of doing Business’, said Kasiviswanathan Shanmugam, Singapore’s Minister of Home Affairs and Minister of Law.
MUMBAI: As a member of the Singapore Convention on Mediation (Convention), India can play a role in the swift resolution of corporate disputes through mediation, a senior Singaporean minister told ET.
This comes amid the government’s efforts to improve India’s ranking in ‘Ease of doing Business’.
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As an extraordinary year draws to a close and a brighter one (hopefully) beckons, we consider whether the compromises and sacrifices everyone has had to make to mitigate the effects of COVID-19 will inspire a greater willingness to rely on non-contentious means to resolve international commercial disputes. ‘Tis the season to be merry and mediate? Or will international arbitration continue to be the dominant means for resolving cross-border commercial disputes in 2021?
Key Takeaways
Great strides have been made in the regulation and promotion of mediation as a means for resolving disputes. This includes the establishment of the Convention on International Settlement Agreements Resulting from Mediation (Singapore Convention).
Digital solutions to justice, the way ahead
Promoting Digital justice - grapestock×
Covid has brought digital court hearings centrestage. This can extend to arbitration, conciliation and out-of-court settlements
Over nine months into the Covid pandemic, the inequity of its impact is undeniable. Rising uncertainty led to a large number of people losing lives, jobs, facing contract violations, and being unable to pay back loans.
As of September 2020, the judiciary of the country had to deal with almost 4 crore pending cases, with a 3.6 per cent rise between February 1 and August 31 in the Supreme Court, a rise of 12.4 per cent since January 29 until September 20 in the High Courts, and a 6.6 per cent increase in the district and subordinate courts in the same period.
Although the U.K. has not ratified the newly effective Singapore Convention, which establishes a legal framework for mediated settlement recognition across jurisdictions, U.K. parties should heed the convention due to its scope and popular uptake, say Simon Everington and Johnny Shearman at Signature Litigation.