Lok Sabha Passes Arbitration and Reconcilliation Amendment Bill, 2015

The Lok Sabha passed the Arbitration and Reconciliation (Amendment Bill), 2015 by voice vote. It amends the Arbitration and Conciliation Act, 1996.

Purpose of Arbitration and Reconcilliation Amendment Bill, 2015 :

1. To make the arbitration process more investor-friendly, cost effective and suitable for expeditious disposal of cases.

2. It will also facilitate in making India a hub of international commercial arbitration.

Suggested Amendments:

1. Relevant court for domestic and international arbitration matters.

2. Applicability of certain provisions to international commercial arbitration.

3. Powers of Court to refer a party to arbitration if agreement exists.

4. Interim order by a Court: The Act states that a party to arbitration may apply to a court for interim relief before the arbitration is complete. 

5. Fast track procedure for arbitration

6. Time period for disposal of cases by a Court

7. Time period for arbitral awards: The Ordinance introduces a provision that requires an arbitral tribunal to make its award within 12 months.  This may be extended by a six month period.

8. Appointment of arbitrators: The Act permits parties to appoint arbitrators.  If they are unable to appoint arbitrators within 30 days, the matter is referred to the court to make such appointments.