- The Bill remove the time restriction of 12 months for arbitration proceedings for international commercial arbitrations.
Enrich Your Learning:
International Court of Arbitration
- The International Court of Arbitration (ICC) is an institution for the resolution of international commercial disputes.
- It operates under the auspices of the International Chamber of Commerce and consists of more than 100 arbitrators from roughly 90 countries.
- The Court was founded in 1923under the leadership of the ICC’s first president Etienne Clementel, a former French Minister of Finance.
Arbitration and Conciliation (Amendment) Act:
- The Act contains provisions to deal with domestic and international arbitrationand defines the law for conducting conciliation proceedings.
- The Arbitration and Conciliation (Amendment) Bill, 2019was introduced in Rajya Sabha by the Minister for Law and Justice which seeks to amend the above act.
Key Features of the Arbitration and Conciliation (Amendment) Bill, 2019
- It seeks to establish an independent body called the Arbitration Council of India (ACI)for the promotion of arbitration, mediation, conciliation and other alternative dispute redressal mechanisms.
- The Arbitration Council of India will consist of a Chairpersonwho is either:
- a Judge of the Supreme Court; or
- a Judge of a High Court; or
- Chief Justice of a High Court; or
- An eminent person with expert knowledge in the conduct of the arbitration.
- Under the Bill, the Supreme Court and High Courts may now designate arbitral institutions.
- For international commercial arbitration, the appointments will be made by the institution designated by the Supreme Court and for domestic arbitration; appointments will be made by the institution designated by the concerned High Court.
- In case there are no arbitral institutions available, the Chief Justice of the concerned High Court may maintain a panel of arbitrators to perform the functions of the arbitral institutions.
- The Bill seeks to remove the time restriction of 12 months for arbitration proceedings for international commercial arbitrations.
- The Bill requires that 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.
- The Bill provides that all details of arbitration proceedings will be kept confidential except for the details of the arbitral award in certain circumstances.