Arbitration Law Needs To Tackle A Key Concern
Arbitration Law Needs To Tackle A Key Concern
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The arbitration law has undergone repeated amendments with only one aim — making India the hub of international arbitration.
Last month, the government set up an expert panel headed by former law secretary TK Viswanathan to suggest reforms in the 1996 Arbitration and Conciliation (A&C) Act. The A&C Act is the primary legislation regulating domestic and foreign arbitration in India. It gives effect to the International Convention on the Recognition and Enforcement of Foreign Arbitral Awards (also known as the New York Convention), which India signed in 1960. Thus, it provides a mechanism for the enforcement of foreign arbitral awards in India. In the last few years, several recommendations have been made to reform the A&C Act including by the Law Commission of India. Indeed, the arbitration law has undergone repeated amendments with only one aim — making India the hub of international arbitration.
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