ARBITRATION: A STREAMLINED ALTERNATIVE TO COURT LITIGATION

Arbitration has emerged as a pivotal alternative to traditional court litigation, offering a more efficient, flexible, and confidential method for resolving disputes. This article explores the arbitration process, focusing on its key features, advantages, and the relevant legal framework in India. Central to this framework is the Arbitration and Conciliation Act, 1996, which aligns with international standards and provides a structured approach to both domestic and international arbitration. Recent amendments, including those introduced by the Arbitration and Conciliation (Amendment) Acts of 2015, 2019, and 2021, have further enhanced the efficiency and credibility of arbitration in India by introducing fast-track procedures, establishing the Arbitration Council of India, and updating the standards for arbitrators. The article also examines related laws such as the Indian Contract Act, 1872, and the Insolvency and Bankruptcy Code, 2016, which complement and support the arbitration process. Key features of arbitration include its voluntariness, neutrality, flexibility, and confidentiality, making it an attractive option for resolving various types of disputes, from commercial conflicts to international investment disputes. Additionally, the article addresses emerging trends in arbitration, such as the integration of technology and the push for greater transparency, which are shaping the future of dispute resolution. Overall, arbitration offers a streamlined, effective alternative to court litigation, catering to the evolving needs of global and domestic stakeholders.