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Government forms expert panel to reform arbitration law
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IANS | 16 Jun, 2023
The Ministry of Law and Justice has set up a 16-member expert committee
headed by former Secretary, Department of Legal Affairs, T.K.
Vishwanathan, for examining the working of arbitration law in India and
recommending reforms in the Arbitration and Conciliation Act, 1996.
The Department of Legal Affairs is considering the need to further reform the working of the 1996 act.
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.
As part of the exercise and for
having requisite consultation, it is proposed to have the views of the
experts on the subject and the users of arbitration, prior to amending
the law or if required, an original principal legislation on the
subject.
The exercise to examine the working of the Act is also
with a view to suggest novel solutions to limit the requirements of
parties to seek judicial intervention by approaching the court and to
address the issue of expeditious attribution of finality to the award.
The
terms of reference include to evaluate and analyse the operation of the
extant arbitration ecosystem in the country, including the working of
the Arbitration and Conciliation Act, highlighting its strengths,
weaknesses and challenges vis-a-vis other important foreign
jurisdictions.
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