Enumerate various changes brought into effect by the Arbitration and Conciliation (Amendment) Act 2015.
The Arbitration and Conciliation (Amendment) Act, 2015 came into force in January 2016.For early settlement of disputesseveral changes are introduced:
- Arbitrators have to settle the dispute within 12 months. After 12 months, the case can be extended for another six months. Maximum time being 18 months.
- If any challenge to an arbitral award is made before a court, the court has to settle the issue within one year.
- There is provision for fast track settlement of disputes within six months.
- The ‘public policy’ definition has been narrowed to prevent its abuse.
- A new sub-section is introduced for disposal of an application for appointment of the arbitrator by the High Court or Supreme Court within 60 days.
- Interim protection’ section in the Act was widely abused. This has been amended. Now if the Court passes an interim order before the commencement of arbitral proceedings, the proceedings must commence within 90 days from the making of the order, or within a time specified by the Court.
- In case of international arbitration, the relevant court would be the relevant high court.
- A new section is added for providing comprehensive provisions for costs regime applicable both to arbitrators as well as courts.