The high-level committee set up by the government to review the institutionalisation of arbitration mechanism and suggest reforms has recommended creation of an Arbitration Promotion Council of India (APCI) for grading arbitral institutions in the country.
The report, which was drawn up by the ten-member commission headed by former Supreme Court judge Justice B N Srikrishna and submitted to Union Law and Justice Minister Ravi Shankar Prasad Thursday, said the APCI “may inter alia recognise professional institutes providing for accreditation of arbitrators”.
As per the recommendations, the APCI will also train advocates interested in pursing arbitration so as to create a specialist bar. Announcing this on Friday, Prasad said the government will look into the proposals and do the needful to give effect to them expeditiously, but declined to set a deadline.
Prasad added that encouraging arbitration would also take the load off the judiciary as many cases which could be resolved through arbitration are now coming up before the courts. The government, he said, was committed to speedy resolution of commercial disputes and to make India an international hub of arbitation and a centre of robust Alternate Dispute Resolution mechanism catering to international and domestic arbitration, on a par with available international standards.
Prasad said the government’s efforts in encouraging arbitration should not be seen in isolation but as “part of the larger ecosystem of good governance”. The government, which had already abrogated many archaic laws, was in the process of repealing around 250-275 more laws, he said.