Arbitration And Conciliation (Amendment) Act, 2019 Notified

With effect from August 09, 2019, the Government notified the Arbitration and Conciliation (Amendment) Act, 2019 ("Amendment Act"), which shall come into force on date further notified by the Central Government in the Official Gazette.

The salient features of the Amendment Act are as follows:

1.  Establishment of Arbitration Council of India

The Amendment Act establishes an independent body called the Arbitration Council of India ("ACI") having its head office at New Delhi, for the promotion of arbitration, mediation, conciliation and other alternative dispute redressal mechanisms. Its functions include: (i) framing policies for grading arbitral institutions and accrediting arbitrators, (ii) making policies for the establishment, operation and maintenance of uniform professional standards for all alternate dispute redressal matters, and (iii) maintaining a depository of arbitral awards (judgments) made in India.