The New Delhi International Arbitration Centre Bill, 2018: Creating An Ecosystem For International Arbitration Centre In India

Introduction

The Central Government for speedy resolution of commercial disputes and to make India an international hub of Arbitration and a Centre of robust ADR mechanism catering to international and domestic arbitration, constituted a ten Member, High Level Committee under the Chairmanship of Justice B.N.Srikrishna, Retired Judge, Supreme Court of India. The Committee was given the mandate to review the institutionalization of arbitration mechanism and suggest reforms thereto. Subsequently, after several deliberations and sittings, the Committee submitted its report on August 03, 2017, to Shri Ravi Shankar Prasad, Hon'ble Minister of Law & Justice and Electronics and Information Technology.¹⁵