BN Srikrishna committee submitted report on institutionalization of arbitration mechanism in India

The high level committee under the Chairmanship of Justice BN Srikrishna has recently submitted its on review of the Institutionalization of Arbitration Mechanism in India. The committee has recommended for setting up an Autonomous Body, Arbitration Promotion Council of India (APCI) having representatives from all stakeholders for grading arbitral institutions in India.
The APCI may recognize professional institutes providing for accreditation of arbitrators. The APCI may hold training workshops and interact with law firms and law schools to train advocates with interest in arbitration and with a goal to create a specialist arbitration bar comprising of advocates dedicated to the field. It has also recommended for creation of a specialist Arbitration Bench to deal with such Commercial disputes, in the domain of the Courts.