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Why India Could Benefit From An International Commercial Court
- The article discusses the potential benefits of establishing an International Commercial Court (ICC) in India amidst the global competitiveness for attracting investments and legal business.
- It highlights the need for a flexible and efficient mechanism to resolve cross-border commercial disputes that meets the needs of commercial litigants engaged in trade and business across borders.
- International Commercial Courts combine judicial structure with processes tailored for international commercial disputes, enhancing efficiency in resolving such disputes.
- Establishing an ICC in India could attract foreign investment, provide an alternative dispute resolution option, and enhance India's position as a dispute resolution hub.
- ICCs offer features like confidentiality of proceedings, expertise in international commercial law, streamlined procedures, and international panels of judges with diverse legal expertise.
- The establishment of an ICC in India could lead to the expansion of the legal services market, attract cross-border litigation, and impact the development of commercial jurisprudence.
- Considerations for an Indian ICC include stakeholder consultations, composition of judges, extent of jurisdiction, enforcement mechanisms, and alignment of objectives across legal, governmental, and commercial sectors.
- Enforceability of ICC decisions under existing reciprocal arrangements and potential legislative frameworks for enforcement are highlighted as crucial aspects in establishing an ICC in India.
- Parties from emerging economies and BRICS countries engaged in business with India could find an Indian ICC backed by a strong legal system and specialized judges in commercial law as a cost-effective dispute resolution option.
- The article emphasizes the increasing global competition for legal business and investments, urging stakeholders to seriously consider the establishment of an ICC in India.
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