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.