News reports suggest that the CJI has nominated Justice SH Kapadia to be the next CJI. In a recent lecture titled "Developing Framework of Modern Litigation", Justice Kapadia is reported to have argued:
"Yesterday, I have reliably learnt that arbitration work and construction of contract is going back from India to abroad. We are likely to lose our investment if we are not aware of these concepts..."
Further, he seems to have said that his priority would be business and commercial laws.
This is good news. We'll be, as usual, closely watching developments in contract and arbitration laws. Let us hope for the best.
Also, see this article in Business Standard which says that poor drafting of arbitration law has led to much confusion. On this aspect, and on the consultation paper, we'll be doing a lengthy post (or several small ones analysing the changes suggested.