Law ensuring dispute settlement within 6 months through arbitration is ready: Jaitley
Updated: Sep 21, 2015 03:45:09pm
Hong Kong, Sept 21 (KNN) Speaking about the long pending disputes in India, Finance Minister Arun Jaitley today said the government has readied a law to ensure that the disputes are settled through arbitration within six months.
“On bankruptcy law, the drafting is virtually ready and I intend to take it to the Parliament in the near future. There have been long pending disputes, so a system of fast track arbitration, so that a dispute gets settled within six months, a law is ready and it will be introduced in Parliament,” he said, according to a leading news agency.
"Resolution of contracts with regard to public contracts, which has held up several unfinished projects, and therefore one of our priority is to finish those projects, that process itself is on. Allocation of public contracts and public procurement, to bring transparency in the system, on this also a law is being planned," he added.
Jaitley was speaking to a grouping of international investors with collective Asset Under Management of USD 10 trillion.
Inviting the investors to invest in India, he expressed confidence that India's ranking would be much better when the World Bank releases its next ranking of countries in terms of ease of doing business.
"Ease of doing business is still a work in process. Significant advancement has been made; a lot will have to be done of course on a continuous basis, Jaitley said. (KNN Bureau)
“On bankruptcy law, the drafting is virtually ready and I intend to take it to the Parliament in the near future. There have been long pending disputes, so a system of fast track arbitration, so that a dispute gets settled within six months, a law is ready and it will be introduced in Parliament,” he said, according to a leading news agency.
"Resolution of contracts with regard to public contracts, which has held up several unfinished projects, and therefore one of our priority is to finish those projects, that process itself is on. Allocation of public contracts and public procurement, to bring transparency in the system, on this also a law is being planned," he added.
Jaitley was speaking to a grouping of international investors with collective Asset Under Management of USD 10 trillion.
Inviting the investors to invest in India, he expressed confidence that India's ranking would be much better when the World Bank releases its next ranking of countries in terms of ease of doing business.
"Ease of doing business is still a work in process. Significant advancement has been made; a lot will have to be done of course on a continuous basis, Jaitley said. (KNN Bureau)
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