'Encourage third party funding in arbitration in India'

Leading American attorney Mark Bravin on Friday said that third party funding should be encouraged in arbitration in India towards evolving a progressive ecosystem.

"Third party funding should be encouraged as it empowers parties who can't afford the procedures but have a right to justice," Bravin said at a discussion herev organised by the Nani Palkhivala Arbitration Centre.

"Third-party funders are also very careful in assessing the probability of winning the arbitration case and, therefore, it's a win-win for everyone. It is a common practice in countries like the United States, United Kingdom and France, and is rapidly expanding."

Bravin elaborated on India's growing role and contribution to the global arbitration ecosphere.

He also gave insights into the practice of restricting foreign arbitrators from practicing in India and said that this will put India behind in the curve of global arbitration practices and can make arbitration even more difficult for lawyers based out of India.

--IANS

ak/bc