Draft Arbitration and Conciliation (Amendment) Bill, 2024
On 18th October 2024, the Union Law Ministry issued the draft Arbitration and Conciliation (Amendment) Bill, 2024.
Key Features
- Establishment of Appellate Arbitral Tribunals: The Bill proposes the creation of appellate arbitral tribunals, allowing parties to appeal arbitration awards within the arbitration framework, which adds a layer of review to the arbitration process.
- Emergency Arbitration Provisions: The draft Bill includes provisions for emergency arbitration, enabling parties to seek interim relief before the formal constitution of an arbitral tribunal, thereby facilitating swift resolutions in urgent situations.
- Promotion of Institutional Arbitration: The Bill Aims to bolster institutional arbitration by defining what constitutes an ....
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