Lok Sabha passes Arbitration & Conciliation (Amendment) Bill 2018

• The Lok Sabha on Friday passed a bill which will help India become a hub for domestic and global arbitration for settling commercial disputes.

• The Arbitration and Conciliation (Amendment) Bill 2018 provides for time-bound settlement of disputes as well as accountability of the arbitrator.

• The amendments will facilitate achieving the goal of improving institutional arbitration by establishing an independent body to lay down standards, make the arbitration process more friendly, cost-effective and ensure timely disposal of arbitration cases.

• It provides for setting up of an independent body  — Arbitration Council of India (ACI) which will fade arbitral institution and accredit arbitrators by laying down norms.

• The bill, which amends the 1996 Act, is part of the government’s efforts to encourage institutional arbitration for the settlement of disputes and make India a centre of robust Alternative Dispute Resolution Mechanism.

• A large number of arbitration cases are conducted outside India in countries like Singapore, London and Paris and around 30 million cases are pending before the courts here.