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  • Govt takes steps to ensure hassle-free arbitration process, says PM

    Published on October 24, 2016

    ?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????New Delhi:  Prime Minister Narendra Modi on Sunday said  his Government has taken several steps to ensure hassle-free arbitration process. Addressing the valedictory address at the first ever Global Conference to strengthen arbitration and enforcement in India in New Delhi.  Modi said, over a 1000 archaic laws have been scrapped and the government has enacted Comprehensive Insolvency Bankruptcy code 2016.

    He said, the government has implemented National Company Law Tribunals and established a statutory monetary policy committee. Saying major amendments have been made to Arbitration Conciliation Act, the Prime Minister said, his government has made arbitration process easy, timely and hassle free.

    Modi said the government has also enacted Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Act 2015 for speedy resolution. He said from cause-lists to case-laws, the lawyer’s library is now just a click away on your mobile phone.

    Modi said, an alternate dispute resolution ecosystem is a national priority and India’s economic interests can be better served by an effective institutional arbitration system. He said, India is world’s fastest growing big economy and is experiencing a digital revolution. He said, this is bridging digital and economic divide in Indian society.

    The Prime minister said there is need to facilitate vibrant eco system for alternative dispute resolution, including arbitration, mediation and conciliation. He said, there is a need to fully harness India’s fundamental strengths of democracy, demographic dividend and demand.

    He said, this can happen only if businesses make long-term investments that create jobs and sustain economic growth. Mr Modi said, Government is enacting Goods and Services Tax law to create an integrated national market and it will further boost domestic demand and create more opportunities for Indian business.

    Speaking on the occasion, Chief Justice of the Supreme Court Justice T S Thakur said mediation, conciliation and arbitration is in our ethos and there is a need to redefine the role. Justice Thakur said courts should show deference to arbitration awards and not interfere routinely. He said judges need training and government should revisit statutory provisions.