The Centre told the Supreme Court on Wednesday the expert committee headed by former law secretary T K Vishwanathan has submitted its report on proposed reforms in the arbitration sector to the law ministry.
Attorney General R Venkataramani, appearing for the Centre, told the top court that the Union government is yet to take a final view on the report.
Taking note of the submission, a bench headed by Chief Justice D Y Chandrachud asked the AG to share the report with the parties concerned.
“Government will take a call on the report but you circulate it to the parties. The report may be given to the parties by March 1, 2024,” the bench, also comprising justices J B Pardiwala and Manoj Misra, said.
Two references were made by three-judge apex court benches in 2021 for constitution of a larger bench to consider the issue.
The apex court had in 2017 and 2020 held that a person not eligible to become an arbitrator cannot nominate another person as one. However, in another matter in 2020, the Supreme Court had allowed the appointment made by a person who was ineligible to become an arbitrator.
The top court is now adjudicating the issue.
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The CJI had on June 26, 2023 formed a five-judge constitution bench to examine it.
Amid a push for making India a hub of international arbitration, the government had set up an expert panel led by former law secretary T K Vishwanathan to recommend reforms in the Arbitration and Conciliation Act in order to reduce the burden on courts.
Venkataramani is also on the expert panel set up by the Department of Legal Affairs in the Union Law Ministry.
Law Ministry’s additional secretary Rajiv Mani, some senior advocates, representatives of private law firms, officials of the legislative department, Niti Aayog, National Highways Authority of India (NHAI), railways and Central Public Works Department (CPWD) are its other members.
