INTRODUCTION
The Arbitration and Conciliation Act, 1996 ("the
Act") contains provisions to deal with domestic and
international arbitration, and defines the law for conducting
conciliation proceedings. There has been a manifold increase in the
number of commercial disputes due to globalisation,
industrialisation and liberalisation. Arbitration has increasingly
become a preferred option to settle commercial disputes globally as
well as in India. Therefore, it was the need of the hour to reform
the Act to achieve an effective and efficient arbitration system
for commercial dispute resolution.
Thus, with a view to make India a hub of institutional
arbitration for both domestic as well as international arbitration
and to keep pace with international arbitration practices, certain
amendments are proposed in the Arbitration (Amendment) Bill, 2018.
For this purpose, The Arbitration and Conciliation (Amendment)
Bill, 2018 was introduced in the Lok Sabha on 18th July,
2018
