Centre floats draft Bill to amend arbitration law; adds proviso for emergency arbitration

NEW DELHI: In a significant move to strengthen the institutional arbitration framework and minimise court intervention, the government has released the draft Arbitration and Conciliation (Amendment) Bill, 2024. The Department of Legal Affairs in the Ministry of Law and Justice has invited public feedback on the draft, aiming to expedite arbitration processes and promote India's status as an international arbitration hub.

The Bill follows recommendations from an expert committee led by former Law Secretary and ex-Lok Sabha Secretary General, TK Vishwanathan. Submitted to the law ministry earlier this year, the committee's report advocates several reforms to streamline arbitration and encourage a quicker, more efficient resolution of disputes outside the courts. According to the law ministry, the objective is to "provide further boost to institutional arbitration, reduce court intervention in arbitrations, and ensure timely conclusion of arbitration proceedings."