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Reforming arbitration law
June 21 , 2023
515 days
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- The centre has set up an expert panel led by former law secretary T K Viswanathan to recommend reforms in the Arbitration and Conciliation Act, 1996.
- Earlier in January 2017, constituted a High-Level Committee formed under the chairmanship of retired Supreme Court justice BN Sri Krishna.
- The Act provides the procedure to be followed in arbitration proceedings, arbitral tribunal, the conduct of the tribunal along with the arbitral awards to be made in a dispute.
- The decision is binding on the parties and given in the form of an arbitral award in an arbitration agreement.
- It also prescribes the procedure of appeal to courts in case of discrepancies.
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