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Amendments to the Arbitration and Conciliation Bill 2015

Dated:- 27-8-2015 - The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval for taking into consideration the Law Commission's recommendations, and suggestions received from stake holders. The Government of India has decided to amend the Arbitration and Conciliation Act, 1996 by introducing the Arbitration and Conciliation (Amendment) Bill, 2015 in the Parliament. The salient features of the amendments are as under: (i) In order to ensure neutrality of ar .....

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of 12 months. Parties may extend such period up to six months. Thereafter, it can only be extended by the Court, on sufficient cause. The Court while extending the period may also order reduction of fees of arbitrator(s) not exceeding five percent for each month of delay, if the court finds that the proceedings have been delayed for reasons attributable to the arbitral tribunal. If the award is made within a period of six months, arbitrator may get additional fees if the parties may agree. (iii) .....

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rruption, or it is in contravention with the fundamental policy of Indian Law or is in conflict with the most basic notions of morality or justice, the award shall be treated as against the Public Policy of India. (v) A new provision to provide that application to challenge the award is to be disposed of by the Court within one year. (vi) Amendment to Section 36 to the effect that mere filing of an application for challenging the award would not automatically stay execution of the award. Award c .....

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