New Delhi, April 4 To ensure efficiency and speed in arbitration and mediation proceedings, the Government has notified the India International Arbitration Centre (Conduct of Arbitration) Regulations, 2023 to facilitate conduct of domestic and international arbitrations, the Parliament was informed on Friday.
In a reply in Lok Sabha, Union Minister of State for Law and Justice, Arjun Ram Meghwal, said that the India International Arbitration Centre has been established and aims to inspire confidence amongst parties, both domestic and international, by providing a neutral dispute resolution platform for the resolution of commercial disputes through arbitration.
The Chamber of Arbitration established under Section 28 of the India International Arbitration Centre Act, 2019 continues to empanel reputed arbitrators even as the Centre envisages to become a model arbitral institution, paving the way for enhancing the quality of institutional framework for arbitration, the Meghwal said in reply to questions by Biplab Kumar Deb and Balabhadra Majhi.
Elaborating on steps being taken by the Government to enhance the enforcement of arbitral awards, both domestic and international, the Mediation Act, 2023, lays down the legislative framework for mediation to be adopted by disputing parties, especially under the aegis of institutional mediation.
"The Mediation Act, 2023 is also expected to be a pivotal legislative intervention towards providing a standalone law on mediation and enabling the growth of a culture of amicable settlement of disputes out of court," he said.
"Facilitating training and capacity building for professionals in the field of ADR, including arbitration and mediation, is presently, continuously being done by the India International Arbitration Centre, by organising conferences, seminars and trainings for stakeholders, including professionals as well as public and private entities," said the MoS.
He said Section 15 of the India International Arbitration Centre Act, 2019 provides for the functions of the Centre and inter alia states that the Centre shall strive to impart training in alternative dispute resolution and related matters to those handling arbitration, conciliation and mediation.
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