Union Cabinet clears bill to set up an international-level arbitration council in India

New Delhi: The Union Cabinet, chaired by Prime Minister Narendra Modi, on Friday cleared a bill for establishing an Indian council of international arbitration.

"To strengthen arbitration in the country, we have decided to establish an Indian council of international arbitration centre as a centre of all Indian excellence... a separate bill has been brought for that," Law and Justice Minister Ravi Shankar Prasad said at a briefing on the Cabinet decisions.

Representational image. News18

Representational image. News18

Last week, Chief Justice of India Justice Dipak Misra had called for shift towards institutional arbitration which should be both timely and cost effective for making India a sought-after arbitration centre.

Arbitration, a form of alternative dispute resolution, is a way to resolve disputes outside the courts.

Firstpost is now on WhatsApp. For the latest analysis, commentary and news updates, sign up for our WhatsApp services. Just go to Firstpost.com/Whatsapp and hit the Subscribe button.

Updated Date: Dec 17, 2017 09:13:48 IST

Also See