Arbitration, the chosen method of business dispute resolution, has deep roots in ancient Indian culture. The 'gram panchayat' has been popular in Indian villages. People gave the status of God to the 'Panch', as has been detailed in the evergreen story 'Panch Parmeshwar' by Munshi Premchand. There are many instances when arbitration has not served its purpose as parties have not followed it in spirit. To get the best results of arbitration, going back to the spirit of 'Panchayat' will help.