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Govt working on arbitration panel's suggestions: Prasad

by August 28, 2017 General

The will come out with a “comprehensive legal follow up” on the recommendations of Justice B N Srikrishna committee on arbitration which had submitted its report, Minister said today.

The committee has, among other things, suggested an accreditation council for institutional arbitration.

The had set up the committee to review arbitration norms and suggest steps to strengthen the ecosystem in the country.

“They have recommended for establishment of a proper accreditation council for identifying and accrediting institutional arbitration… We are working it out, we are going to come with a comprehensive legal follow up in that connection,” Prasad said, while releasing of a report on ‘ease of doing business’ in the country.

He said Prime Minister Modi </a>is keen that should emerge as a hub for international arbitration as several domestic companies are going outside, especially to Singapore, for dispute resolution.

He further said that the is planning to amend Specific Relief Act and Indian Contract Act, 1872.

“My department is having a consultation process,” the minister said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)