BN Sri Krishna J., KKV, Indu Malhotra, PS Narasimha & Ors in committee to review Institutionalization of Arbitration

The central government has constituted a High Level Committee to review the institutionalisation of arbitration mechanisms in India. The Committee consists of legal luminaries, including retired judges and Senior Advocates and will be headed by retired Supreme Court judge, Justice BN Sri Krishna..The other members of the Committee are retired Supreme Court judge Justice RV Raveendran, sitting Delhi High Court judge, Justice S Ravindra Bhat, Senior Advocates KK Venugopal and Indu Malhotra, Additional Solicitor General PS Narasimha and Director of Vidhi Centre for Legal Policy, Arghya Sengupta..The terms of reference for the High Level Committee are given below:.To analyze & review effectiveness of present arbitration mechanism. To review the facilities, resources, funding and manpower of existing ADR institutions. To review working of the institutions funded by the Government of India for arbitration purposes. To assess skill gaps in ADR and allied institutions for both national and international arbitration. To evaluate information outreach and efficacy of existing legal framework for arbitration. Based on the foregoing, to Suggest measures for institutionalization of arbitration mechanism, national and international, in India so as to make the country a hub of international commercial arbitration. Identify amendments in other laws that are needed to encourage International Commercial Arbitration (ICA)Devise an action plan for implementation of the law to ensure speedier arbitrations.Recommend revision in institutional rules & regulations and funding support thereof.Advise empanelment of national and international arbitrators for time bound arbitral proceedings. Suggest road map for further strengthening of research and development impacting the domain.Enlist requisite steps for augmenting skill sets and professional manpower buildup for the sector.Recommend measures to make arbitration more widely available in curricula and study materials. Focus on the role of arbitrations in matters involving the Union of India, including bilateral investment treaties (BIT) arbitrations and make recommendations where necessary.Evolving an efficient arbitration ecosystem for expeditious resolution of International and Domestic Commercial disputes.. The Committee will submit its report within ninety days..The Central government has been pushing for reforms within the arbitration eco-system for sometime now. In October this year, Niti Aayog had organised a conference on ‘Strengthening Arbitration and Enforcement in India’. The country also saw the establishment of an international arbitration centre this year, with the launch of the Mumbai Centre for International Arbitration..You can read the press release by PIB on the Committee here.