THE ARBITRATION AND CONCILIATION (AMENDMENT) BILL, 2018
Amendment to Sec. 2 of The Arbitration and conciliation act 1996 – a New clause (Ca) is included – ‘(ca) “arbitral institution” means an Arbitral institution designated by the Supreme Court or a High Court under this Act;’;
Amendment of sec. 11 –
Under sce.11(3a)- The High court and Supreme Court judges shall have the power to designate arbitral institutions form time to time. If no Arbitral Institutions are provided the High court shall maintain a panel of Arbitrators for discharging the functions of Arbitral Institutions.
- Concerned Chief Justice shall do the Panel of Arbitrators shall be reviewed from time to time.
- In the case of International Commercial Arbitration the designated Arbitral Institution appointed by the supreme court shall appoint the Arbitrators and in cases other than International Arbitrations the Arbitral Institutions designated by the High court shall appoint the Arbitrators.
- An application made for the appointment of Arbitrators shall be disposed off within 30 days of service of notice to opposite party.
- The Arbitral Institution shall determine the fees of Arbitral Tribunal as per schedule Fourth. This shall not be applicable for International Arbitrations and International Commercial Arbitrations where the fees has been already fixed by parties.
Amendment of sec 23- A claim statement and defense shall be completed within a period of six months of the Arbitrators receiving notice of the appointment.
Amendment of sec 29A- Award in the Arbitration cases shall be made within 12 months form the date of completion of pleadings, Except International Commercial Arbitration..
New Sec 42A is inserted- This section provides that all the proceedings of the Arbitration shall be kept confidentially except the Award that needs to be enforced and executed.
New sec 42B inserted – This sections provides that no suit or proceedings shall lie against the Arbitrators while any action is done in good faith.
Sec.43 A to sec 43 J – Provides for the Establishment and incorporation of Arbitration Council of India, Composition of Council, Duties and Functions of the Council, Appointment of experts and Constitution of committees, General norms for grading Arbitral Institutions, Norms of Accreditation, Depository of Awards, Power to make regulations by council.
Thus under the Amendment act the Arbitration will be having a separate council and Institutions like any other Authorities and will be functioning as per these provisions.
New Sec 87 inserted – Unless the parties Agrees, the Amendments made to Arbitration and conciliation Amendment act 2015 – shall not apply – If the Arbitral proceedings have commenced before the Commencement of the Amendment act 2015, the court proceedings in relation to such arbitral proceedings whether such proceedings are commenced before of after the Amendment act 2015,
It shall apply only to Arbitral Proceedings and court proceedings commenced on or after the commencement of Amendment act 2015 came into force.
A new Eighth Schedule is inserted specifying the Qualifications, Experience and Norms of such Arbitrator to be appointed under the act.
section 26 of the Arbitration and conciliation Amendment act 2015 has been Omitted with effect from 23rd October 2015.