INTRODUCTION
The journey towards India becoming a desirable hub for
International commercial arbitration has been and continues to be a
long and arduous done. Arbitration in India has been riddled with
issues including excessive cost, protracted proceedings leading to
extensive delays. In order to remedy such issues and create greater
confidence in parties to choose India as a seat for arbitration,
the Arbitration & Conciliation (Amendment) Act, 2015
(hereinafter to be referred to as
"Amendment Act, 2015") was introduced, bringing
into the realm several significant changes in the Arbitration &
Conciliation Act, 1996 (the Act). A noteworthy motive for bringing
about the
Amendment Act, 2015 was to make arbitration a more preferred
mode of settlement of disputes by making it cost effective and
providing a fixed time period for disposal of disputes. The
Amendment Act, 2015, however, failed to address certain issues
including importance of institutional arbitrations
