CURRENT AFFAIRS

Detailed explanation-1: -It was headed by Justice (retired) BN Srikrishna. The Union Government is committed for speedy resolution of commercial disputes and to make India an international hub of Arbitration.

Detailed explanation-2: -The 1st Arbitration Act in India was introduced on 1st July 1899. This Act was founded on the English Arbitration Act, 1889 and the Indian Arbitration Act, 1899 was applicable only to the presidency towns of Bombay, Calcutta, and Madras.

Detailed explanation-3: -Institutional arbitration: In an institutional arbitration, the arbitration agreement may stipulate that in case of dispute or differences arising between the parties, they will be referred to a particular institution such as: Indian Council of Arbitration(ICA) International Chamber of Commerce(ICC)

Detailed explanation-4: -As per the biblical theory, King Solomon was the first arbitrator when he settled the issue between two women who were claiming to be the mother of a baby boy. Some authors have also asserted that the procedure used by King Solomon was similar to that used in arbitrations today.

Detailed explanation-5: -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.