Warning: count(): Parameter must be an array or an object that implements Countable in /web/qlc/nishith.tv/htdocs/wp-content/themes/Video/library/functions/custom_functions.php on line 702

Warning: count(): Parameter must be an array or an object that implements Countable in /web/qlc/nishith.tv/htdocs/wp-content/themes/Video/library/functions/custom_functions.php on line 702
Dispute Resolution Hotline: India – proposed amendments to arbitration law: a solution with many problems

Dispute Resolution Hotline: India – proposed amendments to arbitration law: a solution with many problems

Posted by By at 20 August, at 12 : 49 PM Print


Warning: count(): Parameter must be an array or an object that implements Countable in /web/qlc/nishith.tv/htdocs/wp-content/themes/Video/single_blog.php on line 46

Warning: count(): Parameter must be an array or an object that implements Countable in /web/qlc/nishith.tv/htdocs/wp-content/themes/Video/single_blog.php on line 52
August 20, 2018

INDIA – PROPOSED AMENDMENTS TO ARBITRATION LAW: A SOLUTION WITH MANY PROBLEMS 


This article was originally published in the 15th August 2018 edition of


The Lok Sabha, on August 10, 2018, passed the Arbitration and Conciliation (Amendment) Bill, 2018 (“Bill”) with the aim of further improving the arbitration regime and particularly institutional arbitration in India. Notably, this Bill is premised on the Report of the High Level Committee to Review the Institutional Arbitration Mechanism in India chaired by Justice B.N. Sri Krishna (“Committee”).

In brief, the Bill, inter alia, proposes the following amendments:

  • Creation of Arbitration Council of India (“ACI”) for grading and accreditation of arbitral institutions to promote and encourage arbitration and other alternate dispute resolution mechanisms;
  • Arbitrators to be appointed by arbitral institutions (as recognized by the ACI) designated by the Supreme Court (for international commercial arbitrations) or the High Court (in other cases);
  • International commercial arbitrations to be excluded from the 12-months’ timeline under Section 29A of the Arbitration and Conciliation Act 1996 (“Act”). The time-period is to be calculated from the date of completion of pleadings;
  • Introduction of an express provision to maintain confidentiality of arbitral proceedings;
  • Introduction of an express provision on arbitral immunity;
  • Schedule containing qualifications and experiences of arbitrators to be appointed;
  • Applications challenging an award should be decided only on the basis of the record of the arbitral tribunal.

While the Bill awaits clearance from the Rajya Sabha, the amendments require further consideration. Some of the amendments, may, in fact create more confusion or be detrimental to the growing acceptance amongst foreign parties particularly investors in having India as a seat of arbitration. In this article, the authors give an overview of such aspects which may be re-looked.

– Shweta SahuAshish Kabra & Vyapak DesaiYou can direct your queries or comments to the authors



IDEX Legal Awards 2015: Best Dispute Management lawyer and Best Dispute Management Firm

World Tax (International Tax Review’s Directory): Recommended Tax Firm in India

Legal 500 2018 : Ranked in Tier 1 for Dispute Resolution, Labour & Employment, Investment Funds, TMT and Tax

Fastest Growing M&A Law Firm in India in 2015: MergerMarket

The Most Innovative Law Firm in Asia-Pacific


DISCLAIMER

The contents of this hotline should not be construed as legal opinion. View detailed disclaimer.

This Hotline provides general information existing at the time of preparation. The Hotline is intended as a news update and Nishith Desai Associates neither assumes nor accepts any responsibility for any loss arising to any person acting or refraining from acting as a result of any material contained in this Hotline. It is recommended that professional advice be taken based on the specific facts and circumstances. This Hotline does not substitute the need to refer to the original pronouncements.

This is not a Spam mail. You have received this mail because you have either requested for it or someone must have suggested your name. Since India has no anti-spamming law, we refer to the US directive, which states that a mail cannot be considered Spam if it contains the sender’s contact information, which this mail does. In case this mail doesn’t concern you, please unsubscribe from mailing list.

Hotline

Related Posts

Post Your Comment

You must be logged in to post a comment.

About Us

Nishith Desai Associates (NDA) is a research based international law firm with offices in Mumbai, Bangalore, Silicon Valley, Singapore, New Delhi, Munich and New York.

Links

Mobile App

.