Union Cabinet clears bill to set up an international-level arbitration council in India

New Delhi: The Union Cabinet, chaired by Prime Minister Narendra Modi, on Friday cleared a bill for establishing an Indian council of international arbitration."To strengthen arbitration in the country, we have decided to establish an Indian council of international arbitration centre as a centre of all Indian excellence... a separate bill has been brought for that," Law and Justice Minister Ravi Shankar Prasad said at a briefing on the Cabinet decisions.[caption id="attachment_4262207" align="alignleft" width="380"]

Representational image. News18[/caption]Last week, Chief Justice of India Justice Dipak Misra had called for shift towards institutional arbitration which should be both timely and cost effective for making India a sought-after arbitration centre.Arbitration, a form of alternative dispute resolution, is a way to resolve disputes outside the courts.