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ARBITRATION MECHANISM (Government aims (minimize court intervention,…
ARBITRATION MECHANISM
Government aims
minimize court intervention
reduce cost
fast disposal of cases
ensure neutrality of arbitrator
enforcement of award
Problems
World Bank Ease of Doing Business Report
164 / 190 in Enforcement of Contracts
1465 days
judicial intervention
failure of government agencies to use institutional arbitration
lack of awareness
Significance
safer for investment in India
dispute settlement quicker and easier
provide mechanism fir commercial dispute resolution
may lessen burden of judiciary
Report Recommendations
Part I
to improve overall quality and performance
Arbitration Promotion Council of India APCI
grading arbitration institutions
APCI may recognize professional institutes for arbitration
specialist arbitration bench
National Litigation Policy must promote arbitration in govt contracts
Part II
reviewed working of ICADR
declare it as national importance
Part III
creation of post of International Law Advisor
to advise govt and coordinate dispute resolution
Bilateral Investment treaties of govt
Arbitration and Conciliation (Amendment) Act 2015
sound legal framework
ease of doing bussiness
Justice BN Srikrishna Committee
institutionalization of arbitration mechanism