CURRENT AFFAIRS

Detailed explanation-1: -The Present. At present, India has more than 35 arbitral institutions. Some of the prominent Indian arbitral institutions are the Indian Council of Arbitration ("ICA"), the Delhi International Arbitration Centre ("DIAC"), the Mumbai Centre for International Arbitration ("MCIA") and the ICADR.

Detailed explanation-2: -Some of the prominent institutions which conduct institutional arbitration in India are: Delhi International Arbitration Centre (DIAC) – New Delhi. Indian Council of Arbitration (ICA) – New Delhi. Construction Industry Arbitration Council (CIAC)-New Delhi.

Detailed explanation-3: -(9) In the case of appointment of sole or third arbitrator in an international commercial arbitration, the Chief Justice of India or the person or institution designated by him may appoint an arbitrator of a nationality other than the nationalities of the parties where the parties belong to different nationalities.

Detailed explanation-4: -The modern development of international arbitration can be traced to the Jay Treaty (1794) between Great Britain and the United States, which established three arbitral commissions to settle questions and claims arising out of the American Revolution.