ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -What can be done if one party ignores the arbitration agreement and commences court proceedings? A. If the court proceedings are commenced, the court will refuse to accept jurisdiction, unless the arbitration agreement is determined by the court as invalid or incapable of being performed.

Detailed explanation-2: -(1) A person of any nationality may be an arbitrator, unless otherwise agreed by the parties. (2) Subject to sub-section (6), the parties are free to agree on a procedure for appointing the arbitrator or arbitrators.

Detailed explanation-3: -In Vidya Drolia and Ors. v. Durga Trading Corporation the Supreme Court ruled that tenancy disputes governed by the TPA are very much arbitrable. It observed that landlord-tenant disputes ”are not actions in rem but pertain to subordinate rights in personam that arise from rights in rem.

Detailed explanation-4: -Many fail to realise that arbitration proceedings are entirely possible in the absence of an arbitration clause in an underlying contract. The ability to launch arbitration proceedings depends exclusively on the parties’ will since this dispute resolution method is purely consensual.