Current Affairs Today - Current Affairs 2016 Lok Sabha passes Arbitration and Co

nciliation (Amendment) Bill, 2015 Share on emailShare on facebookShare on twitte

rShare on printShare on google December 17, 2015No comments The Lok Sabha passed
the Arbitration and Conciliation (Amendment) Bill, 2015 by voice vote for speed
y disposal of arbitration cases. The bill seeks to amend Arbitration and Concili
ation Act, 1996 to make of commercial disputes more user-friendly and cost effec
tive which in turn will lead to expeditious disposal of cases. Key Provisions of
Bill Mandatory for arbitrators to settle disputes within 12 months. This period
can be extended by 6 months only by a court on sufficient cause. Cut the fees o
f arbitrators if the court finds that the delay has been caused due to arbitrato
rs. Rewarding arbitrators with extra fees in case the matter is disposed of with
in 6 months and the parties agree to pay more. Empower arbitration tribunals to
grant all kinds of interim measures that courts provide. Thus giving more teeth
to them in order to make tribunals directives enforceable in the same manner as
those of courts. Background The amendments to this Bill are based on the Law Com
mission s recommendations and suggestions received from stakeholders. Law Commissi
on of India (LCI) in its 246th Report had recommended various amendments in Arbi
tration and Conciliation Act, 1996 in order to pave way for India to become a hu
b of Internatio
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