The law ministry has appointed a committee, headed by former Supreme Court Judge N.N. Srikishna to study India's varied arbitration laws, rules, procedures and agreements and give a report in 90 days.
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“Our idea is to make India a [global] hub of arbitration,” said Law Minister Ravi Shanakr Prasad. “A need was felt that we ought to have a structured view of not only the laws, rules, procedures and agreements governing arbitration, but the entire eco-system of alternate disputes redressal mechanism.”
The committee will have, as members, former Supreme Court judge R.V. Raveendran, former Delhi High Court Judge Ravindra Bhatt, jurists and other legal scholars such as K.K. Venugopal, P.S. Narasimhan and Indu Malhotra. Secretary, legal affairs will be member-secretary of the committee. Industry associations such as CII and FICCI will also send their representatives.
Several jurists have been saying that India has the potential to emerge as a global hub of arbitration, given the large legal talent and scholarship available in the country, and high-class institutions to train more.
