MEDIATION- A PANACEA OR AN UNAVAILING PRACTICE: WITH SPECIAL REFERENCE TO COMMERCIAL DISPUTES.

Disputes are an integral and inevitable part of the society but the failure to address their pendency can be pernicious. Traditionally, the predominant mode of dispute resolution in India has been litigation, which has been losing its sheen for quite some time now due the cost, time, complications and hardships involved in it. This assumes specific importance in disputes that concern commercial matters in the light of the bearing they have- both at micro and macro level. The adverse impact of inefficiencies in dealing with commercial disputes is much more than it meets the eye. It hampers the deliverance of justice and also portrays India as a country plagued by an inefficient system and an unfriendly business environment. The idea of mediation, as an alternative to litigation is being mooted for long now. It has received recognition from the courts of law as well as the legislature to some extent and the benefits it entails are praise-worthy and seem promising. In this background, this paper seeks to study the present dispute resolution scenario surrounding commercial disputes. Further, various facets of mediation including its relation to happiness have been studied and its recognition under the Indian law has been highlighted. Thereafter, the advantages and limitations of the use of mediation in such cases have been elaborated upon. Lastly, some data from the Commercial Courts of Delhi has been analyzed and suggestions mooted. [ABSTRACT FROM AUTHOR]