Union govt. to set up Arbitration Council

Union govt. to set up Arbitration Council

Context:

The Union Cabinet has approved the Arbitration and Conciliation (Amendment) Bill, 2018.

Function of Arbitration Council:

Arbitration Council will grade institutions that offer alternative dispute resolution mechanism for commercial disputes.

Significance of the Arbitration Council:

As India attracted foreign investments, it is essential to provide for a reliable platform that included arbitration and resolution of commercial disputes in a time-bound manner.