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Mumbai: An expert committee constituted by the Center on reforms in the Arbitration and Conciliation Act, 1996, submitted its final report to the government on Wednesday. The committee was formed in June last year under the leadership of former Law Secretary Dr TK Vishwanathan to examine the functioning of the arbitration law in the country and recommend reforms in it.
The 16-member expert panel constituted by the Ministry of Law and Justice includes Behram Vakil, partner at law firm AZB Partners; Additional Solicitor General N. Venkatraman; Shardul Shroff, partner at law firm Shardul Amarchand Mangaldas; Representatives from the Department of Economic Affairs, NITI Aayog and public Indian industries, and various other senior legal advisors.
The Center had also released a consultation paper in June seeking recommendations on the design of a model arbitration system that is efficient, effective and affordable and meets the needs of users. Additionally, it proposed a framework on the costs of arbitration and the fees charged by arbitrators.
Relevantly, the Committee was also asked to suggest changes in the law to enhance the arbitration process by reducing court interference, improving cost-effectiveness while ensuring timely resolution.
Under arbitration, the parties concerned opt for private dispute resolution through arbitrators, instead of approaching the courts. The decision of the arbitrators is binding.
Separately, several petitions on the validity of awards made under Section 11 of the Act, including whether a person disqualified from appointing an arbitrator can do so, are being heard by a constitutional bench of the Supreme Court. The appointment of arbitrators is mentioned in section 11. This case has been pending in the apex court for some time.
The Supreme Court had earlier said that once the final report of the committee was ready, it had to be submitted to the bench and the lawyers appearing for the parties before February 15.
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Published: February 15, 2024, 12:47 am IST
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