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Arbitration and Conciliation (Amendment) Bill, 2018
August 15 , 2018
2292 days
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- The Lok Sabha has passed Arbitration and Conciliation (Amendment) Bill, 2018 to help India become hub for domestic and global arbitration for settling commercial disputes.
- It seeks to amend e Arbitration and Conciliation Act, 1996 which contains provisions to deal with domestic and international arbitration and defines law for conducting conciliation proceedings.
- The Bill establishes ACI (Arbitration Council of India) as an independent body for promotion of arbitration, mediation, conciliation and other alternative dispute redressal mechanisms.
- It will consist of Chairperson who is either Judge of Supreme Court or Judge of High Court or Chief Justice of High Court or eminent person with expert knowledge in conduct of arbitration.
- The Bill proposed to remove time restriction for international commercial arbitrations. The earlier one was within the period of 12 months.
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