NITI Aayog Organises Workshop on Best Practices in International Arbitration

The NITI Aayog and ICC International Court of Arbitration organized the inaugural Training-cum-Brainstorming Workshop on Best Practices in International Arbitration in New Delhi.

Moving towards a New India in 2022, ensuring legal reform is a key and critical priority. Complementing ‘Make in India’ vision with ‘Resolve in India’, strong alternative dispute resolution mechanisms are important levers in encouraging the Ease of Doing Business and Ease of Living in India.

Efforts by the Government of India in this regard- Arbitration and Conciliation (Amendment) Bill, 2018:

The Lok Sabha has passed the Arbitration and Conciliation (Amendment) Bill, 2018. It will amend the Arbitration and Conciliation Act, 1996. The Act contains provisions to deal with domestic and international arbitration and defines the law for conducting conciliation proceedings.

Arbitration is a settlement of the dispute between two parties to a contract by a neutral third party i.e. the arbitrator without resorting to court action. The process can be tailored to suit parties’ particular needs.

Arbitrators can be chosen for their expertise. It is confidential and can be speedier and cheaper than court. There are limited grounds of appeal. Arbitral awards are binding and enforceable through courts.

Moving towards a New India in 2022, ensuring legal reform is a key and critical priority. Complementing ‘Make in India’ vision with ‘Resolve in India’, strong alternative dispute resolution mechanisms are important levers in encouraging the Ease of Doing Business and Ease of Living in India.

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