23 October, New Delhi
India has enacted comprehensive arbitration and bankruptcy law reforms making arbitration laws in the country ”easy, timely and hassle-free”, Prime Minister Narendra Modi Sunday announced.
Delivering the valedictory address at “National Initiative towards Strengthening Arbitration and Enforcement”, the first ever global conference to strengthen Arbitration and Enforcement in the country, the Prime Minister said his government has initiated far-reaching legal reforms to create a vibrant arbitration mechanism and assure investors that the rules of the game will not be changed overnight arbitrarily and commercial disputes could be resolved efficiently.
He emphasised that the country had scrapped a thousand archaic laws and made an enabling alternative dispute resolution ecosystem a national priority as it would not only add to investors’ comfort level but also promote India globally as an arbitration hub.
Elaborating on the far-reaching legal reforms initiated, he told the delegates that ”over a thousand archaic laws have been scrapped. We have enacted a comprehensive Insolvency and Bankruptcy Code, 2016, implemented the National Company Law Tribunals, established a statutory Monetary Policy Committee and effected a merger of the commodities and securities market.” Further, the SARFAESI and DRT Acts had been amended this year ”to suit the changing credit landscape and augment ease of doing business.’