Arbitration Reforms In India: End Of The Endless Saga?

A twelve-month timeline for completion of arbitrations seated in India;

Flexibility for parties to approach Indian courts for interim reliefs in aid of foreign-seated arbitrations;

Introduction of 'costs follow the event' regime;

On October 23, 2015, the President of India has promulgated the Arbitration and Conciliation (Amendment) Ordinance, 2015 ("Ordinance"). The Ordinance substantially amends the provisions of Arbitration and Conciliation Act, 1996 ("Act"). The Ordinance is aimed at taking drastic and reform-oriented steps to bring Indian arbitration law at par with global standards and provide an effective mechanism for resolving disputes with minimum court interference.