The Centre has constituted a high-level committee, led by the former Supreme Court judge B.N. Srikrishna, to draw a road map to make India a global arbitration hub.
The committee would comprise another former SC judge, R.V. Raveendran, Delhi High Court judge S. Ravindra Bhat, senior advocates K.K. Venugopal and Indu Malhotra, Additional Solicitor-General P.S. Narasimha, Director of Vidhi Centre for Legal Policy Araghya Sengupta, representatives of Federation of Indian Chambers of Commerce and Industry and Confederation of Indian Industry.
A statement said the terms of reference included analysing the effectiveness of the arbitration mechanism, identification of amendments in other laws that need to encourage International Commercial Arbitration and devise an action plan for implementation of the law to ensure speedier arbitrations.