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The Centre’s expert panel will submit its proposal for arbitration laws in July and legal experts are of the opinion that the The Arbitration and Conciliation Act, 1996 requires certain amendments to make it an alternative to customary litigation.
Recently, the Bar Council of India (BCI) made a key decision to allow foreign lawyers and law firms to practice foreign law, international law, and international arbitration matters in India on a reciprocal basis. Experts say this could be an opportunity for India to bring its arbitration laws on a par with other countries such as Singapore and the UK.
Abhinay Sharma, Managing Partner, ASL Partners, says a big challenges today is the different approaches adopted by various courts while interpreting
