New Bill to reduce settlement time, cost of arbitration: Govt

While speaking at an event organised by FICCI in association with Indian Council of Arbitration (ICA) and SAARC Arbitration Council (SARCO), Law Secretary Suresh Chandra said that the new Bill would help in building confidence with regard to dispute settlement and India can become the hub of International arbitration.

"There was a need of institutionalisation of arbitration and we are pre-envisaging a situation where we will have arbitral institutions graded by the Arbitration Council of India. In case of International arbitration, it will be designated by the Supreme Court and by various high courts in case of domestic arbitration," Chandra added.

The Law Secretary also stressed on having a stronger arbitration process by establishing a pre-institutional mediation mechanism which will ensure out-of-court settlement in 50 per cent of litigation.

Present on the occasion, Uma Sekhar, the Joint Secretary, Legal & Treaties Division, Ministry of External Affairs, said that SAARC countries have a lot in common and SARCO should also be strengthened to establish as a more accurate, fair and efficient institution in settlement of cases by arbitration.

"We can develop a database of the jury, legal advisors, arbitrators, counsellors which may help in achieving the objective of becoming the International hub of arbitration settlement," Sekhar said.