The bill implements the recommendations made by the High Level Committee (chaired by B.N. Srikrishna) which submitted its Report in July, 2017.
Salient features of bill:
- It amends the Arbitration and Conciliation Act, 1996.
- Present system of appointment of arbitrators by the Supreme Court (SC)/ High Court (HC), will be changed to a system where the arbitrators are appointed by the "Arbitral institutions" designated by the SC/HC.
- It establishes Arbitration Council of India, an independent body, for the purpose of grading of arbitral institutions and accreditation of arbitrators etc.
- It provides for time-bound settlement of disputes as well as accountability of the arbitrator.
- Details of arbitration proceedings will be kept confidential except for the details of the arbitral award in certain circumstances.
- It clarifies that section 26 of the Arbitration and Conciliation (Amendment) Act, 2015, is applicable only to the arbitral proceedings which commenced on or after 23rd October, 2015.
