Imagining a “Dispute Resolution Hub” in India: The prospects of arbitration in GIFT City IFSC

Gupta, Suvrajyoti (2022) Imagining a “Dispute Resolution Hub” in India: The prospects of arbitration in GIFT City IFSC. International Arbitration Law Review, 25 (3). pp. 238-258. ISSN 1367-8272

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India has always aspired to be a legal hub. In recent times, the focus of India’s efforts has shifted to a particular kind of Special Economic Zone, called the International Financial Services Centre ( IFSC). An IFSC is designed to act as an Offshore Financial Centre that doubles up as a world class dispute resolution centre. In this work, the author carries out a broad comparison of the arbitration infrastructure in IFSC at GIFT City Ahmedabad with the two nearest legal hubs to India namely DIFC, UAE and Singapore. It is concluded that the IFSC does have some unique features and inherent strengths compared to international commercial arbitration in India, but jurisprudential and reputational weaknesses of the Arbitration and Conciliation Act 1996 along with other structural shortcomings, makes it less competitive compared to the comparator hubs. It is argued that to achieve the full potential of the IFSC as an arbitral hub, it is necessary to evolve it as a distinct seat, with a lex arbitri and strong arbitral ecosystem. It is suggested that this can be done through delegated legislation tools that are already available.

Item Type: Article
Keywords: Dispute Resolution | Dubai | India | International Arbitration | Singapore
Subjects: Social Sciences and humanities > Social Sciences > Law and Legal Studies
JGU School/Centre: Jindal Global Law School
Depositing User: Amees Mohammad
Date Deposited: 05 Nov 2022 15:51
Last Modified: 05 Nov 2022 15:51


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