(The Gist of PIB) Arbitration and Conciliation (Amendment) Act, 2019
(The Gist of PIB) Arbitration and Conciliation (Amendment) Act, 2019 [SEPTEMBER-2019]
Arbitration and Conciliation (Amendment) Act, 2019
The Central Government has enforcement various Sections of the Arbitration and Conciliation (Amendment) Act, 2019 by notifying it in Gazette.
Salient features of amendment act:
It amends the Arbitration and Conciliation Act, 1996. The Act contains provisions to deal with domestic and international arbitration, and defines the law for conducting conciliation proceedings.
Arbitration Council of India: It establishes an independent body called the Arbitration Council of India (ACI) for the promotion of arbitration, mediation, conciliation and other alternative dispute redressal mechanisms.
Composition of the ACI: The ACI will consist of a Chairperson who is either: (i) a Judge of the Supreme Court; or (ii) a Judge of a High Court; or (iii) Chief Justice of a High Court; or (iv) an eminent person with expert knowledge in conduct of arbitration.
Relaxation of time limits: Under the original Act, arbitral tribunals are required to make their award within a period of 12 months for all arbitration proceedings. The amendment act remove this time restriction for international commercial arbitrations.
Completion of written submissions: The written claim and the defence to the claim in an arbitration proceeding, should be completed within six months of the appointment of the arbitrators.
Confidentiality of proceedings: All details of arbitration proceedings will be kept confidential except for the details of the arbitral award in certain circumstances.
Applicability of Arbitration and Conciliation Act, 2015: It clarifies that the 2015 Act shall only apply to arbitral proceedings which started on or after October 23, 2015.