Centre sets up panel to recommend reforms in arbitration law
The Government of India has constituted an expert panel headed by former Law Secretary TK Vishwanathan to propose reforms in the Arbitration and Conciliation Act and reduce the burden on the courts.
An overview of the news
The expert committee comprises Attorney General N Venkataramani and members from various government departments, private law firms and legal entities.
The mandate of the Committee includes evaluating the current arbitration ecosystem in India, analyzing the strengths, weaknesses and challenges in comparison to foreign jurisdictions.
The panel is expected to submit its report within 30 days and recommend a framework for a cost-effective arbitration system.
The Committee will focus on developing a competitive environment both domestically and internationally in the arbitration services market, and will aim at establishing a cost-effective arbitration regime.
The Department of Legal Affairs is taking steps to strengthen the dispute resolution environment in India and promote ease of doing business through legal reforms.
The reform of the Arbitration and Conciliation Act aims to reduce court interference, make arbitration a party-driven process and ensure time-bound finalization of arbitration awards.
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