Photo: PTINew Delhi: The provision of the arbitration law introduced last year prescribing an 18-month time limit to conclude proceedings has received significant criticism. This section prescribes a maximum of 18 months to pass an award from the time the a reference for arbitration is made. Moolchand Sharma, former law commission member which gave the report on amending the arbitration law, said that while a time limit was needed, the same had to be practical and reasonable. Chandra said that they were involved in arbitration cases going on in 130 matters of a value of Rs.20,000 crore. Previous awards on technical issues are worth Rs.13,000 crore, of which NHAI settled Rs.5,000 crore and remaining is pending.

Source: Mint October 22, 2016 15:22 UTC