In order to make India a hub of international arbitration, the government has constituted a high level committee of ten members. The Committee consisting of legal luminaries will be headed by retired Supreme Court judge, Justice BN Sri Krishna and will submit its report within 90 days. 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 make recommendations on various aspects of improving arbitration in the country, including encouraging use of arbitration for international commercial disputes, implementing the law to ensure speedier arbitrations, revision in institutional rules. The mandate of the commitee will be to analyse and review effectiveness of present arbitration mechanism, the facilities, resources, funding and manpower of existing ADR (Alternate Dispute Resolution) institutions. 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 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.