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Polity & Governance
Mahesh

18/06/23 07:52 AM IST

Govt Sets Up Panel To Recommend Reforms In Arbitration Law

In News
  • The Indian government has formed an expert panel with the aim of establishing India as an international arbitration hub. 
About the panel
  • T K Vishwanathan, a highly experienced former law secretary, is leading the expert panel.
  • Additionally, N Venkataramani, the Attorney General of India, plays a crucial role as a member of the committee.
  • Another key member is Rajiv Mani, serving as the Law Ministry’s additional secretary.
  • The panel also includes senior advocates, representatives from private law firms, and officials from various departments such as the Legislative Department, Niti Aayog, National Highways Authority of India (NHAI), railways, and Central Public Works Department (CPWD). 
Objective
  • The primary objective of the expert panel is to recommend reforms in the Arbitration and Conciliation Act to alleviate the burden on courts.
  • By strengthening the arbitration ecosystem, the panel aims to encourage parties to opt for private dispute resolution instead of approaching courts.
  • This shift can expedite the resolution process and ease the strain on the judicial system. 
  • It will evaluate and analyse the operation of the present arbitration ecosystem of the country, including the working of the Arbitration Act, highlighting its strengths and weaknesses and challenges vis-a-vis other important foreign jurisdictions.
  • The panel will also devise strategy for developing a competitive environment in the arbitration services market for domestic and international parties that can subserve the interests of the users, particularly in building a regime of cost-effective arbitration.
Need of the panel
  • The prime reason for the exercise is guided with a view to reduce court intervention in the whole process to the minimum and make arbitration a truly party-driven process, cost-effective and with time-bound finality being attached to the award.
Source- Outlook India

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