The Union Cabinet has cleared the Arbitration and Conciliation (Amendment) Bill 2018. It will now have to be put before Parliament.
The Bill is meant to encourage institutional arbitration and provide for a robust Alternative Dispute Resolution (ADR) mechanism in India.
It envisages the establishment of an independent body, called the Arbitration Council of India (ACI), which will accredit arbitrators and grade arbitrators.
The Bill also proposes to exclude International Arbitration from having to be concluded within a set time-frame.
The amendments proposed in the Bill are on the basis of the recommendations made by a High Level Committee under the chairmanship of Justice BH Srikrishna. It submitted a report to the Government on July 30, 2017.
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