IIM Rohtak Joins Hands With IIAC and Organizes Joint Summit On Arbitration and Dispute Resolution

New Delhi: A summit on "Arbitration & Dispute Resolution Creating Business Climate" was held at the Delhi High Court at New Delhi in collaboration between the Indian Institute of Management, IIM Rohtak, the India International Arbitration Centre, and the Council for Strategic Affairs.

The honourable judge of the Supreme Court of India, Justice Surya Kant was the event's chief guest, and Justice Subhash Chandra Sharma, the chief justice of the Delhi High Court, was the honourable guest during the event. The Indian International Arbitration Centre and the Indian Institute of Management, IIM Rohtak signed a Memorandum of Understanding (MoU) during the event.

Several experts and business leaders participated in panel discussions on the topics of "Discussing best practices in commercial arbitration" and "Efficient and effective dispute resolution to create a positive business environment" at the event. These participants included Mohit Saraf, Managing Partner of Saraf & Partners, Dr. Akhil Prasad, Member of the Board of Directors of Boeing India, Gagan Puri, Managing Director of Alvarez & Marsal, Sunil Mehta, Chief Executive of the Indian Bank In his inauguration address, Prof. Dheeraj Sharma, Director of IIM Rohtak stated that the arbitration is essential to prevent the enormous financial waste and lack of a skilled labour force that result from forgoing arbitration.

The ability to negotiate, to forgive, and become able to build trust are three key components of arbitration; trust was emphasised as the most crucial component. The success of arbitration depends on bringing in cutting-edge, reliable individuals who can deliver the necessary results, Sharna said. He added that as the IIAC goes towards being a $5 billion industry, it is critical that effective arbitration and dispute resolution serve as the catalyst for developing a friendly business environment.

As a result, the methods of arbitration and dispute resolution will be more successful because of their clear mechanisms. While talking about the MoU, he stated that the MoU between IIAC and IIM Rohtak will support collaborative activities for developing awareness and promoting campaigns that will be in line with the objectives of making India an international centre for arbitration.

Further, he continued that business perspectives change frequently , so the perspectives on arbitration and dispute settlement. However, It is crucial to have goodwill, aptitude, transparency, and integrity. The hardest things to alter are attitudes, behaviours, and thoughts. For the arbitration system to be effective, good will must be generated beforehand. Transparent systems are essential and it will increase the success of the mechanism. Trust must be established and is essential, he concluded.

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