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.
