NEW DELHI: The Ministry of Law and Justice, under the leadership of former Secretary, T.K. Vishwanathan, from the Department of Legal Affairs, has established a 16-member expert committee. This committee aims to thoroughly analyze the functioning of arbitration law in India and propose necessary reforms to enhance the effectiveness of the Arbitration and Conciliation Act of 1996.
The Ministry of Law and Justice recognizes the need to review and reform the existing provisions of the 1996 act. The primary objective behind this undertaking is to minimize court intervention throughout the arbitration process. The committee's focus is to transform arbitration into a truly party-driven mechanism, ensuring cost-effectiveness and timely resolution of disputes.
The core motivation behind this initiative is to minimize the interference of courts in arbitration proceedings. By reducing judicial intervention, the committee aims to establish arbitration as an independent and efficient alternative for dispute resolution. The goal is to provide parties involved in arbitration with a streamlined process that promotes efficiency, affordability, and a definitive timeline for the finalization of awards.
To ensure comprehensive deliberation and informed decision-making, the Ministry of Law and Justice intends to seek the valuable insights of experts in the field of arbitration. By engaging with these professionals, as well as gathering feedback from arbitration users, the aim is to create a well-rounded understanding of the challenges and requirements pertaining to the subject. This consultation process will serve as a foundation for potential amendments to the existing law or the creation of a new legislation entirely.
The formation of the expert committee by the Ministry of Law and Justice represents a significant step towards enhancing the arbitration framework in India. By closely examining the functioning of the current arbitration law and involving experts and stakeholders, the committee aims to propose reforms that will ensure a fair, efficient, and cost-effective process for dispute resolution. This endeavor aligns with the vision of reducing court intervention while providing a party-driven mechanism with a clear timeline for award finality.
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