Mr. Justice Umar Ata Bandial, Chief Justice of Pakistan has constituted Arbitration Law Review Committee.
The committee will be adopted for drafting new legislation which will cater for the domestic and international arbitrational requirements.
The new legislation will also be shared with the stake holders including government and private sector as well as academia and legal fraternity.
ISLAMABAD ( Web News )
Taking cognizance of the gaps in existing legal framework on arbitration being domestic in nature, absence of arbitration friendly rules and time-consuming procedures, Mr. Justice Umar Ata Bandial, Chief Justice of Pakistan has constituted Arbitration Law Review Committee. This project is an initiative of Law and Justice Commission of Pakistan and the committee is mandated to analyze the existing legislation on the arbitration in Pakistan and recommend suitable measures including the holistic legislation aligned with International and regional best practices on arbitration.
Mr. Justice Syed Mansoor Ali Shah, Judge Supreme Court of Pakistan is the Chairman of Arbitration Law review committee and convened the first meeting today in the Supreme Court Pakistan, Islamabad. Mr. Muhammad Makhdoom Ali Khan, Senior Advocate Supreme Court of Pakistan, Mr. Feisal Hussain Naqvi, Advocate, Supreme Court of Pakistan, Ms. Riffat Inam Butt, Secretary, Law and Justice commission of Pakistan, Mr. Muhammad Khashih-ur-Rehman, AS/EDGII, Board of Investment, Islamabad, Ms. Ambreen Abbasi, Senior Legislative Advisor, Ministry of Law and Justice, Islamabad being members also participated in the meeting.
The Committee examined the gaps in the prevailing legal framework and considering the international best practices and regional experiences, expressed the need to update and modernize the existing legislation with the contemporary international legal frame work on arbitration and mediation. The committee resolved to go with the specific timelines to meet its mandate, for this, a holistic approach will be adopted for drafting new legislation which will cater for the domestic and international arbitrational requirements. The new legislation will also be shared with the stake holders including government and private sector as well as academia and legal fraternity. The committee emphasized on training of the judges, legal practitioners, subject experts and members of the chambers of the commerce etc. The committee also considered that a comprehensive awareness strategy on the arbitration and mediation be evolved for the public and for this judicial academy will be engaged to devise training programs as per the international standards in consultation with prominent local and international arbitration experts.
To encourage the foreign investment and inspire the confidence of corporate and commercial sector the committee also recommended the establishment of an arbitral center with ownership of the state for providing services to the parties for amicable settlements of their disputes. This initiative will enhance investors’ confidence and generate conducive environment for economic activity in Pakistan, a much-longed requirement to boost the investment. Additionally, this will also help the general public to resolve their disputes swiftly, which would eventually reduce the case load on courts. The meeting concluded with the resolve to complete this project by the end of the year.