Arbitration and Conciliation (Amendment) Bill, 2018
The Union Cabinet approved the Arbitration and Conciliation (Amendment) Bill 2018 to be put before the Parliament in order to amend the 1996 Act. It is a part of the efforts of the Government to encourage institutional arbitration for settlement of disputes and make India a centre of robust Alternative Dispute Resolution (ADR) mechanism.
The amendment provides for creation of an independent body namely the Arbitration Council of India (ACI) which will grade arbitral institution and accredit arbitrators by laying down norms and take all such steps as may be necessary to promote and encourage arbitration, conciliation, mediation and other ADR Mechanism and for that purpose evolve policy and guidelines for the establishment., operation and maintenance of uniform professional standards in respect of all matters relating to arbitration and ADR mechanism. The Council shall also maintain an electronic depository of all arbitral awards,
The Chairperson of ACI shall be a person who has been a Judge of the Supreme Court or Chief Justice or Judge of any High Court or any eminent person. Further, the other Members would include an eminent academician etc. besides other Government nominees
A High Level Committee chaired by a retired judge of the Supreme Court Justice B.S. Srikrishna proposed the amendments to the Bill.
Topics: Alternative dispute resolution , Arbitral tribunal , Arbitration , Arbitration and Conciliation Act , Australian constitutional law , Courts , Dispute resolution , International arbitration , Law , mediation