All learned members agree to the point to have Arbitration prior to legal proceedings,..
Well said by Mr. Kiran that India lives in villages, but matter of fact is that the literacy % has changed enormously and the people in Metros are nothing but the people moved from Villages.
Having said that still I agree to the point of Mr. Kiran that highly educated individuals are finding it tough to deal with Law. With due regard and respect, i wish to put forward a common phenomena that holds within every individual is "keep yourself away from the LAW", which is absolutely pathetic and that needs to be changed, which could only be changed at fundamental education level.
Not deviating from the subject, Indian Laws were nothing but complete Extract of Basic English Common Law and has every provision to follow what the orginator has shared, and what said by Mr. Rajasekaran is absolutely true is what concerns the most when the Arbitral award is set aside u/s 34 of IACA 1996.
The flaw is not on initiating the Arbitration process but it relies on the fundamental issues such as the qualities, competeness and qualifications of an Arbitrator, which needs to be checked by the Indian Council of Arbitration before enrolling them as a Panel Arbitrator, and this is being a weary issue till date. Therefore, an Arbitartor nominated should posses sound knowledge in the Subject in dispute as primary and Law the secondary.
Moreover, "Unfair Conditions in Contracts" as recommended by the Law Commission vide 103rd report in the year of 1984 and susequently raised again in the year of 2006 vide 199th Report should be introdcued by the Cabinet either in Arbitration Act 1996 or in Indian Contract Act 1872 in order to minimize the disputes and/or award favoring the weaker and inevitably would solve the entire purpose. Again the FLAW is fundamental and not in the currency.
I sincerely applogise if any one feels otherwise and sincerely wish our nation to succeed by minimizing the disputes heading to legal proceedings, having done that we shall concentrate on other issues on which we are MILES and MILES behind US and UK.