Seeking to make India a hub of international arbitration and to accelerate the system of alternate dispute resolution, the government today set up a high level committee to recommend ways to make arbitration more efficient.
The committee will be headed by retired Supreme Court judge B N Srikrishna. It will submit its report in 90 days.
"In order to ensure speedy resolution of commercial disputes and to facilitate effective conduct of international and domestic arbitrations raised under various agreements, it has been considered necessary to go into various factors to accelerate arbitration mechanism and strengthen the arbitration ecosystem in the country.
"It is also important to examine specific issues and roadmap required to make India a robust centre for international and domestic arbitration," Union Law Minister Ravi Shankar Prasad told reporters here.
The minister said the government has been taking legislative and administrative initiatives on arbitration with an aim of minimising court intervention, bring down costs, fix time lines for expeditious disposal, and ensure neutrality of arbitrator and enforcement of awards.
"The Arbitration and Conciliation (Amendment) Act, 2015 envisages quick enforcement of contracts, easy recovery of monetary claims, reduce the pendency of cases in courts and hasten the process of dispute resolution through arbitration, so as to encourage foreign investment by projecting India as an investor friendly country having a sound legal framework and ease of doing business in India," he said.
The mandate of the panel will be to analyse and review effectiveness of present arbitration mechanism, the facilities, resources, funding and manpower of existing ADR (Alternate Dispute Resolution) institutions.
The committee will also evaluate information outreach and efficacy of existing legal framework for arbitration.
Further, it will focus on the role of arbitrations in matters involving the Union of India, including bilateral investment treaties (BIT) arbitrations and make recommendations where necessary.
The high level panel will suggest measures for institutionalisation of arbitration mechanism so as to make India a hub of international commercial arbitration and identify amendments in other laws that are needed to encourage International Commercial Arbitration (ICA).
The committee will also devise an action plan for implementation of the law to ensure speedier arbitrations, recommend revision in institutional rules and regulations and advice empanelment of national and international arbitrators for time bound arbitral proceedings.
It will also recommend measures to make arbitration more widely available in curricula and study materials.