With effect from 9th August, 2019, the Government notified “The Arbitration and Conciliation (Amendment) Act, 2019” which shall come into force on date further notified by Central Government in the official gazette
Some of the important amendments included are as follows:
- The Supreme Court and the High Court shall have the power to designate arbitral institutions from time to time;
- The statement of claim and defence shall be completed within a period of 6 months from the date of appointment of arbitrator or all the arbitrators;
- No suit or other legal proceedings shall lie against the arbitrator for anything which is done in good faith;
- Part 1A has been inserted establishing a council to be known as Arbitration Council of India, specifying its composition, duty, functions and powers;
- A schedule has been inserted specifying qualifications and experience of Arbitrators and it has been provided that a practicing Company Secretary having 10 years of experience can also become an Arbitrator.
The complete content of the Arbitration and Conciliation (Amendment) Act, 2019 is attached herewith: