Arbitration and
Conciliation(amendment) Act 2015
|
Arbitration
and conciliation Amendment Bill, 2019 Passed.
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Need
|
- Slow, expensive and
ineffective
- Ranked at 178/189
countries in term of enforcing contract (WB's EoDB)
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Objective
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- Consolidate and amend
domestic arbitration , international arbitration
- Enforcement of foreign
tribunal awards
- Define the law
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Case of China
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- China follows the policy
of binding their partners to compulsorily undergo if any, arbitration
with in China.
- Main reason for this
policy is their negotiable capacity which India does not enjoy
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Pros
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- Economy
- Quicker
- Investor friendly
- Cost effective
- Ease of Doing business
- Reducing intervention of
courts
- Society
- Government
- Revenue
- Cost of litigation will
be saved
- India as a hub for
international arbitration
- Easy enforcement
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Current
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- Past: The Arbitration and
Conciliation Act 1996 provides statutory recognition to
conciliation
- Presently bodies like
Indian council of Arbitration, International Centre for Alternate
dispute Resolution etc are the leader in India
- Generally international
Arbitration hubs are chosen because of their neutral, quick services.
- Allowed to go for
international arbitration rather than first exhausting all
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Salient Features
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- Time Bound disposal
- Application of
appointment of arbitrator within 60 days
- Challenge petition must
be dispensed in 1 year
- Arbitrator tribunal shall
make its award with in 12 months generally
- Fast track the procedure
- Grounds of Challenges
- Enforcement
- Cost effective
- Cap on fee of arbitrator
- Unsuccessful party pay
the cost
- Arbitrator
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Way Ahead
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- Participation
- Strengthening institutes
- Indian council of
arbitration
- International Centre for
ADR
- Skill manpower in
arbitration
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