Arbitration and Conciliation (Amendment) Act 2019: Significant Alterations and its Impact on Indian Arbitration Mechanism

Abstract

The Arbitration and Conciliation (Amendment) Bill amended in August 2019 has made arbitration mechanism much easier. This Bill states the establishment of the Arbitration Council of India (ACI), an autonomous body authorized to frame rules and laws on grading institutions and fixing out standards on accreditation of arbitrators, quality aspect and performance scrutiny, and building capacity for arbitrators. It enhanced ease of doing business. It may alleviate the pressure on courts, thereby, reducing pendency, and inculcate investor confidence, if the dispute-resolution processes are effective and efficient. It is playing a pivotal role in achieving the aim to make India the hub for arbitration matters. The amended Arbitration & Conciliation Act, 2019 has been meant to boost efficacious conduct and management of Alternative Dispute Resolution (ADR) proceedings. Thus, this article attempts to slate the conceptual view of the changes and its impact on the Indian arbitration mechanism. It also highlights the reviews of experts on the issues related to confidentiality and transparency of arbitration proceedings.