In a significant development, the Centre disclosed to the Supreme Court on Wednesday that the expert committee, under the leadership of former law secretary T K Vishwanathan, has presented its comprehensive report on proposed reforms within the arbitration sector to the law ministry.

Attorney General R Venkataramani, representing the Centre, apprised the apex court that while the report had been submitted, the Union government was yet to reach a final decision on its contents. Acknowledging this update, a bench presided over by Chief Justice D Y Chandrachud instructed the Attorney General to disseminate the report among the concerned parties.

"The government will deliberate on the report, but in the interim, we urge you to circulate it to the parties involved. By March 1, 2024, the report should be made accessible to all relevant parties," remarked the bench, which also included justices J B Pardiwala and Manoj Misra. This move comes following two references made by three-judge benches of the apex court in 2021, urging the constitution of a larger bench to address pertinent issues within the arbitration domain.

Earlier rulings by the Supreme Court in 2017 and 2020 established that individuals ineligible to serve as arbitrators could not nominate others for the role. However, a notable exception emerged in a separate case in 2020 when the Supreme Court permitted an appointment made by an individual deemed ineligible for arbitration.

With the matter now under adjudication, the Chief Justice of India had formed a five-judge constitution bench on June 26, 2023, to delve into the complexities surrounding this issue.

Against the backdrop of India's aspirations to become a prominent hub for international arbitration, the government took proactive steps by convening an expert panel led by former law secretary T K Vishwanathan. The primary objective of this panel was to propose reforms to the Arbitration and Conciliation Act, with the aim of alleviating the burden on judicial resources.

Notably, Attorney General Venkataramani also serves on this expert panel, which was established by the Department of Legal Affairs within the Union Law Ministry. Other members include Rajiv Mani, additional secretary of the Law Ministry, as well as senior advocates, representatives from private law firms, and officials from various governmental bodies such as Niti Aayog, the National Highways Authority of India (NHAI), and the Central Public Works Department (CPWD).