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Nani Palkhiwala Arbitration Centre (NPAC) has written to the Union Law Minister, Ravi Shankar Prasad, requesting him to take necessary steps for the constitution of the Arbitration Council of India.
The Letter states that pursuant to the 2017 report of the High-Level Committee chaired by Justice BN Saikrishna, the Arbitration and Conciliation (Amendment) Act, 2019 introduced Part 1A to the Arbitration and Conciliation Act and provided for an independent body called the Arbitration Council of India.
The purpose of the Arbitration Council was to frame policies for grading arbitral institutions, accrediting arbitrators in India, and updating norms to ensure the satisfactory level of arbitration, NPAC has written.
With a view to make India an international arbitration hub, the Council was also tasked with the responsibility to hold training, workshops and courses in the area of arbitration, it is added.
NPAC has stated that it is of the wide belief that the constitution of the Arbitration Council will immensely help in improving the standard and quality of arbitrations in India, thereby embodying a positive step towards making India into a hub for arbitrations.
Pointing out that provisions on the establishment and constitution of the Council were yet to come into force by way of a notification in the Official Gazette, NPAC has remarked,
In fact, no steps have been taken to establish the Council till date, although the Amendment Act received the assent of the President more than 8 months ago, it is stated.
The letter has thus urged,
Read the Letter: