Signing of UNISA resulting from mediation by India approved by Cabinet

The signing of the Convention will boost the confidence of the investors and shall provide a positive signal to foreign investors about India's commitment to adhere to international practice on Alternative Dispute Resolution (ADR).

The Union Cabinet chaired by Prime Minister Narendra Modi has approved the signing of the United Nations Convention on International Settlement Agreements (UNISA) resulting from mediation by the Republic of India scheduled to be held at Singapore on 7th August 2019, or at United Nations Headquarters.

Benefit:

The signing of the Convention will boost the confidence of the investors and shall provide a positive signal to foreign investors about India's commitment to adhere to international practice on Alternative Dispute Resolution (ADR).

Initiatives to promote ADR Mechanisms:

In order to encourage international commercial arbitration in India, to evolve a comprehensive ecosystem of arbitration the Government is establishing the New Delhi International Arbitration Centre (NDIAC) as a statutory body. The Commercial Courts Act, 2015, has been further amended and legislative exercise to further amend the Arbitration and Conciliation Act, 1996, is currently underway. These initiatives are being taken with a view to encouraging the settlement of commercial disputes, domestic and international, in India through ADR Mechanism of Arbitration, Conciliation, and Mediation. A new Chapter (IIIA) has been inserted in the Commercial Courts Act, 2015, for mandatory pre-institution mediation and settlement in a certain category of cases. Therefore, the provisions of the 'Convention' are in line with the domestic laws and the efforts made to strengthen Alternative Dispute Resolution Mechanisms.

(With Inputs from PIB)