The Union Cabinet on Wednesday approved a bill to encourage institutional arbitration for settlement of disputes
The Union Cabinet on Wednesday approved a bill to encourage institutional arbitration for settlement of disputes.
ADVERTISEMENT
The Arbitration and Conciliation (Amendment) Bill, 2018 -- which aims to make India a centre of robust Alternative Dispute Resolution (ADR) mechanism -- will now be introduced in parliament.
The government said the proposed amendments would make arbitration process more party-friendly and cost effective, and would improve institutional arbitration by establishing an independent body to lay down standards.
It would also ensure timely disposal of arbitration cases, it said.
The bill provides for creation of an independent body called the Arbitration Council of India (ACI) which will grade arbitral institution and accredit arbitrators by laying down norms and take necessary steps to encourage arbitration, conciliation and mediation.
The bill aims to facilitate speedy appointment of arbitrators through designated arbitral institutions, without having to approach the court.
"It is envisaged that parties may directly approach arbitral institutions designated by the Supreme Court for international commercial arbitration and in other cases the concerned High Courts," an official statement said.
Catch up on all the latest Mumbai news, crime news, current affairs, and also a complete guide on Mumbai from food to things to do and events across the city here. Also download the new mid-day Android and iOS apps to get latest updates
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
