Government has drafted Arbitration and Conciliation (Amendment) Bill, 2024 to amend Arbitration and Conciliation Act, 1996.
- Amendment aims to provide boost to institutional arbitration, reduce court intervention in arbitrations and ensuring timely conclusion of arbitration proceedings.
- Arbitration refers to an alternative dispute resolution method where the parties in dispute agree to have their case heard by a qualified arbitrator.
Arbitration Mechanism in India
- Arbitration and Conciliation Act, 1996 governs the arbitral proceedings in India.
- It was based on UNCITRAL (United Nations Commission on International Trade Law) Model Law on International Commercial Arbitration 1985 and UNCITRAL Conciliation Rules, 1980.
- Act has been amended in years 2015, 2019, and 2021.
Key Features of draft Arbitration and Conciliation (Amendment) Bill, 2024
- Omission of Conciliation: Amended Act will be called Arbitration Act, 1996 as provisions related to conciliation have been incorporated in Mediation Act 2023.
- Appointing an Emergency Arbitrator: To grant interim measures prior to the constitution of an arbitral tribunal.
- Institutional Focus: Promoting institutional arbitration as a preferred method over ad-hoc arrangements, thereby enhancing efficiency.
- Arbitration Council of India (ACI): Provides powers to create model rules of procedure for arbitral proceedings and recognize arbitral institutions.
- Video Conferencing: Allow arbitrations conducted via video conferencing.
- Establishing an Appellate Arbitral Tribunal: To handle applications against an arbitral award.
Issues in Arbitration System
|
