The government has passed dispute, Arbitration and conciliation (Amendment) Bill 2019. And new Delhi International Arbitration Centre Bill, 2019.”Arbitration” means setting the dispute, especially commercial dispute.outside the courts.
- Arbitration in India is governed by the Arbitration and conciliation Act, 1996which is now amended.
- India has a slow judicial system backlog of cases.
- Foreign companies used to go to other international arbitration hubs-e, g in New York, Paris, and London etc.
- India ranked 163 among 189 countries in case of enforcing contracts.
- So the passing of this Bill is a Great achievement to tackle with the above issues.
- It could make India an Arbitration friendly regime and will result inan inflow of more investments.
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Provisions of Arbitration & conciliation (Amendment) Act 2019
- Establishment of the independent institution – Arbitration council of India (ACI)
- To great arbitral institution.
- Accredit arbitrations.
- Maintain uniform professional standards.
- Maintain depositor of awards
- Details of arbitral awards to be kept confidential
- Appointment of arbitration within 30days application.
- Highcourt – designate an institution to appoint arbitration for a domestic dispute.
- Supreme Court- designates institution to appoint arbitrator foe international dispute.
- Case of doing business.
- More investment in India.
- Making India as a global arbitration hub.
- Reduces the burden on the judiciary.
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Hence, the passing of this Bill is commendable. It is the first step to make India an Arbitration friendly country. It could increase the reputation and goodwill of India in the world.
Now implementation would till how blue sky these ideas are.