Mediation in India is an accepted non-adversarial alternative dispute resolution to settle disputes between parties. The introduction of it in the Indian insolvency regime for corporate insolvency or liquidation wherein complex commercial issues arise is the need of the hour in order to curtail litigation, promote entrepreneurship, enforce business relationship and ensure that there is least deterioration of assets. This essay attempts to explain how this could be achieved.
The law of mediation in India
Mediation under the Indian law was statutorily recognised by the Industrial Disputes Act, 19471. The Legal Services Authorities Act, 1987 provided for establishment of statutory bodies at the National, State and sub-district (taluka)…