India - proposed amendments to arbitration law: a solution with many problems
This article was originally published in the 15th August 2018 edition of
The Lok Sabha, on August 10, 2018, passed the Arbitration and Conciliation (Amendment) Bill, 2018 (“Bill”) with the aim of further improving the arbitration regime and particularly institutional arbitration in India. Notably, this Bill is premised on the Report of the High Level Committee to Review the Institutional Arbitration Mechanism in India chaired by Justice B.N. Sri Krishna (“Committee”).
In brief, the Bill, inter alia, proposes the following amendments:
While the Bill awaits clearance from the Rajya Sabha, the amendments require further consideration. Some of the amendments, may, in fact create more confusion or be detrimental to the growing acceptance amongst foreign parties particularly investors in having India as a seat of arbitration. In this article, the authors give an overview of such aspects which may be re-looked.