He said that he has witnessed gross misuse of arbitration laws when he was a judge at the Calcutta High court.
Finance companies would often pitch arbitrators of their choice with the connivance of contractors and government employees, he said. These arbitrators would dance to their tunes, taking reference after reference and fixing awards that were much bigger than the original claim, the retired judge alleged.
He was speaking at the launch of the book, ‘A treatise on Arbitration Law and Practice’ authored by Senior Advocate M Sricharan Rangarajan.
Specifically on arbitration law in India, Justice Banerjee said that it was still work in progress and many reforms have to be brought about.
There is an imminent need for the Supreme Court to correct several of its judgements on arbitration, he emphasised.
Source: Barandbench
