Govt floats draft bill to amend arbitration law; Adds proviso for emergency arbitration
institutional arbitration and reduce court intervention in such cases, the government has come out with a draft bill seeking views on the proposed amendments. The Department of Legal Affairs in the law ministry has invited comments on the draft Arbitration and Conciliation (Amendment) Bill, 2024, saying «the aim and purpose is to provide further boost to institutional arbitration, reduce court intervention in arbitrations and ensuring timely conclusion of arbitration proceedings».
The draft bill comes months after an expert committee headed by former law secretary and former Lok Sabha secretary general T K Vishwanathan submitted its report on proposed reforms in the arbitration sector to the law ministry.
The draft bill proposes the concept of 'emergency arbitration'.
The proposed amendment says arbitral institutions may, for the purpose of grant of interim measures, provide for appointment of «emergency arbitrator» prior to the constitution of an arbitral tribunal.
The emergency arbitrator appointed will conduct proceedings in the manner as may be specified by the (arbitration) council.
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