{"id":8125,"date":"2019-07-16T16:42:59","date_gmt":"2019-07-16T11:12:59","guid":{"rendered":"http:\/\/factly.forumias.com\/?p=8125"},"modified":"2019-07-16T16:42:59","modified_gmt":"2019-07-16T11:12:59","slug":"bill-to-fortify-arbitration-framework-introduced-in-rajya-sabha","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/bill-to-fortify-arbitration-framework-introduced-in-rajya-sabha\/","title":{"rendered":"Bill to fortify arbitration framework introduced in Rajya Sabha"},"content":{"rendered":"\n<ol class=\"wp-block-list\"><li>Government has introduced the Arbitration and Conciliation (Amendment) Bill,2019 in Rajya Sabha.The bill seeks to amend the Arbitration and Conciliation Act,1996.<\/li><li>The bill seeks to make India a hub of domestic and global arbitration for settling commercial disputes.It provides for settlement of commercial disputes within six months.<\/li><li>The Bill seeks to establish an independent body called the <strong>Arbitration Council of India(ACI) <\/strong>to set up a framework for creating arbitral institutions and accrediting arbitrators by laying down norms.&nbsp;<\/li><li>The ACI would be mandated to frame rules on (a)how institutions would be graded (b)norms to be followed and (c)monitoring of quality and performance.<\/li><li>The Bill amends Section 11 of the Act to change the present system of appointment of arbitrators by the Supreme Court or a high court to a system where the arbitrator shall be appointed by arbitral institutions designated by the Supreme Court or a high court.<\/li><li>The bill also provides that if no graded arbitral institutions are available, the Chief Justice of the High Court concerned may maintain a panel of arbitrators for discharging the functions and duties of arbitral institutions.&nbsp;<\/li><li>The bill also provides that the arbitrator, the arbitral institutions and the parties shall maintain confidentiality of information relating to arbitral proceedings.<\/li><li>Arbitration and Conciliation are the methods of Alternative Dispute Resolution (ADR).ADR is the procedure for settling disputes without litigation.<\/li><li><strong>Arbitration<\/strong> is a procedure in which the dispute is submitted to an arbitral tribunal which makes a decision on the dispute that is binding on the parties.On the other hand,<strong>Conciliation<\/strong> is a non-binding procedure in which an impartial third party, the conciliator assists the parties to a dispute in reaching a mutually satisfactory agreed settlement of the dispute.<\/li><\/ol>\n","protected":false},"excerpt":{"rendered":"<p>Government has introduced the Arbitration and Conciliation (Amendment) Bill,2019 in Rajya Sabha.The bill seeks to amend the Arbitration and Conciliation Act,1996. The bill seeks to make India a hub of domestic and global arbitration for settling commercial disputes.It provides for settlement of commercial disputes within six months. The Bill seeks to establish an independent body&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/bill-to-fortify-arbitration-framework-introduced-in-rajya-sabha\/\">Continue reading <span class=\"screen-reader-text\">Bill to fortify arbitration framework introduced in Rajya Sabha<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3127],"tags":[3691],"class_list":["post-8125","post","type-post","status-publish","format-standard","hentry","category-economy","tag-arbitration-and-conciliation-bill","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704762398},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/8125","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=8125"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/8125\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=8125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=8125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=8125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}