Advancing Global Arbitration Hub for Swift Dispute Resolution: Arjun Ram Meghwal
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Synopsis
On April 4, 2023, the Government announced the India International Arbitration Centre (Conduct of Arbitration) Regulations to enhance arbitration efficiency. Union Minister Arjun Ram Meghwal emphasized the Centre's role in providing a neutral platform for resolving disputes and the importance of the Mediation Act, 2023 in promoting amicable resolutions.
Key Takeaways
- India International Arbitration Centre Regulations 2023 introduced for efficient arbitrations.
- Centre aims to build trust for both domestic and international parties.
- Mediation Act 2023 sets framework for mediation processes.
- Ongoing training for ADR professionals by the Centre.
- Focus on improving enforcement of arbitral awards.
New Delhi, April 4 (NationPress) To guarantee efficiency and speed in arbitration and mediation proceedings, the Government has issued the India International Arbitration Centre (Conduct of Arbitration) Regulations, 2023, aimed at facilitating the execution of both domestic and international arbitrations, as reported to Parliament on Friday.
In a response during the Lok Sabha session, Union Minister of State for Law and Justice, Arjun Ram Meghwal, indicated that the India International Arbitration Centre has been established with the intention of instilling confidence among parties, both local and foreign, by providing a neutral platform for resolving commercial disputes through arbitration.
According to Meghwal's response to questions posed by Biplab Kumar Deb and Balabhadra Majhi, the Chamber of Arbitration, which was created under Section 28 of the India International Arbitration Centre Act of 2019, is actively empaneling distinguished arbitrators as the Centre strives to become a model arbitral institution, enhancing the quality of the institutional framework for arbitration.
Further detailing the government's measures to improve the enforcement of arbitral awards, both locally and globally, the Mediation Act of 2023 establishes a legislative framework for mediation that disputing parties are encouraged to adopt, particularly within the context of institutional mediation.
"The Mediation Act, 2023 is anticipated to be a crucial legislative measure aimed at providing a standalone law on mediation and promoting a culture of amicable out-of-court dispute resolution," he remarked.
"The India International Arbitration Centre is actively engaged in facilitating training and capacity building for professionals in the field of Alternative Dispute Resolution (ADR), which includes arbitration and mediation. This is accomplished through the organization of conferences, seminars, and training sessions for stakeholders, encompassing both public and private entities," the Minister of State stated.
He noted that Section 15 of the India International Arbitration Centre Act, 2019, outlines the Centre's functions and specifies that the Centre is dedicated to providing training in alternative dispute resolution and related matters to those involved in arbitration, conciliation, and mediation.
