Time Bound Arbitration Proceedings - A Big Reform in Arbitration Law

Abstract

The chief attribute of dispute resolution through "Arbitration" is speedy and inexpensive. However, both Arbitration Act, 1940 and Arbitration and Conciliation Act, 1996 have belied the expectations as the arbitration proceedings have become long winding, delayed and expensive. It is by way of the Arbitration and Conciliation (Amendment) Act, 2015 and Arbitration and Conciliation (Amendment) Act, 2019 that the Government of India has effectively addressed the issue of delay and introduced several salutary provisions in the Arbitration and Conciliation Act, 1996 to make arbitration proceedings time bound. This is a right step in the direction of ease of doing business in India as enforcement of commercial contracts would be speedy.