To boost investors’ confidence: SC committee finalises proposed arbitration bill

Purpose of this bill is to reduce judicial interference by streamlining the procedure and to enhance the enforcement mechanism

By Our Correspondent
June 12, 2024
A man walks past the Supreme Court of Pakistan building in Islamabad, Pakistan. — AFP/File

ISLAMABAD: In order to improve investors’ confidence and avoid protracted legal battles, a review committee of the Supreme Court has finalised the proposed Arbitration Bill 2024 to bring Pakistan’s Arbitral Framework in line with international standards.

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Chief Justice of Pakistan Qazi Faez Isa had constituted a review committee headed by senior-most judge of the Supreme Court Justice Syed Mansoor Ali Shah on Arbitration Law to improve the outdated Arbitration Act of 1940 due to various complications and related issues.

The committee included representatives of the Ministry of Law and Justice, Board of Investment, Law and Justice Commission of Pakistan and prominent academic and practitioner experts in arbitration.

The purpose of this bill is to reduce judicial interference by streamlining the procedure and to enhance the enforcement mechanism, thereby reducing ambiguity and expanding alternative dispute resolution mechanisms, says a press release issued by the Press Information Department.

The federal cabinet has given in-principle approval to initiate consultations with the government so that the said law can be enacted as an Act of Parliament.

In line with international best practices, the Arbitration Bill 2024 aims to enhance investor confidence, reduce the likelihood of protracted legal battles, and facilitate effective and reliable dispute resolution as well as to support economic growth.

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