The 2018 Arbitration Bill-Hits, Misses and Missed Opportunities
The Tamil Nadu Dr.Ambedkar Law University
Volume II – Issue II, 2019
Alternative dispute resolution mechanisms have long been poorly implemented in India. The 2015 Amendment to the Arbitration and Conciliation Act left much to be desired. In order to redress the problems in the Indian arbitration culture and elevate India as a desirable hub for International commercial arbitration, the Parliament passed another amendment Bill in 2018. This Bill has its roots in the report of the Srikrishna Committee which was released in the preceding year. The Bill proposes key changes in the existing arbitration regime in relation to appointment of arbitrators, time period for arbitration and confidentiality of proceedings. It also suggests the creation of an independent body called the ACI to regulate the arbitration machinery in India. The Bill has so far elicited a mixed reaction from the arbitration fraternity. This is an article which analyses the various hits, misses and missed opportunities of the Bill and its potential impact on the arbitration culture in India.