March 10, 2018
In an attempt to make the Indian arbitration stronger and more regularized, the Cabinet has approved the Arbitration and Conciliation (Amendment) Bill, 2018 for introduction in the Parliament. The Bill proposes to make the arbitration process user-friendly, cost-effective and to expedite speedy disposal.
One of the main objectives of the Bill is to facilitate speedy appointment of arbitrators through arbitral institutions designated by the Supreme Court or the High Court. Accordingly, the parties may directly approach the designated arbitral institutions for International Commercial Arbitration.
The Bill addresses problems like systemic delays, high costs, confidentiality issue, ineffective resolution and ensures quick enforcement of contracts along with minimizing hurdles of delay. It also aims at catalyzing cross-border business environment and to make India an attractive destination for the arbitration of international commercial disputes.
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