Why in news?
An International Arbitration Tribunal has dismissed all claims brought against Republic of India in entirety.
- The Tribunal constituted in accordance with the United Nations Commission on International Trade Law (UNCITRAL) Arbitration Rules 1976, seated at the Hague, Netherlands, and proceedings administered by the Permanent Court of Arbitration, the Hague, Netherlands, rendered its Award in the arbitration brought by Tenoch Holdings Limited (Cyprus)
- This rule is used for the settlement of a broad range of disputes, including disputes between private commercial parties where no arbitral institution is involved, investor-State disputes, State-to-State disputes and commercial disputes administered by arbitral institutions
COMPETITION COMMISSION OF INDIA
- Competition Commission of India is a statutory body of the Government of India responsible for enforcing The Competition Act, 2002 throughout India and to prevent activities that have an appreciable adverse effect on competition in India
- CCI consists of a Chairperson and 6 Members appointed by the Central Government.
- It is the duty of the Commission to eliminate practices having adverse effect on competition, promote and sustain competition, protect the interests of consumers and ensure freedom of trade in the markets of India.
- The Commission is also required to give an opinion on competition issues on a reference received from a statutory authority established under any law and to undertake competition advocacy, create public awareness and impart training on competition issues