CURRENT AFFAIRS

Detailed explanation-1: -To give an impetus to this endeavor, the Department of Legal Affairs, Ministry of Law and Justice, on 13 January, 2017 constituted a ten Member, High Level Committee under the Chairmanship of Justice B.N. Srikrishna, Retired Judge, Supreme Court of India.

Detailed explanation-2: -Any Supreme Court Judge, High Court Chief Justice, High Court Judge, or any eminent person with special knowledge of the administration of arbitration can be appointed as the Chairperson of the Arbitration Council of India.

Detailed explanation-3: -Justice B.N. Srikrishna committee was constituted to prepare a road map to make India a hub of international arbitration. It recommended the creation of the post of an ‘international law adviser’ (ILA) to advise the government on international legal disputes, particularly BIT disputes.

Detailed explanation-4: -Answer: India has two types of arbitration: ad hoc and institutional. The parties and the arbitrator must agree on the arbitration procedures in an ad hoc arbitration. In most cases, there will be a dispute between the parties, and collaboration may not be possible.

Detailed explanation-5: -As per section 43B of the Arbitration and Conciliation Act, 1996, the central government has the power to establish the Arbitration Council of India for performing the duties and functions as prescribed under the Arbitration and Conciliation Act.