The Arbitration and Conciliation Amendment Act (AC(A)A 2019) has brought about several positive changes which are in line with international practices in the governments endavour to further strengthen the law and practice related to arbitrations in India and make India as a hub for high value arbitrations.
In an attempt to reduce judicial backlog, AC(A)A 2019 provides the Supreme Court and the High Court the ability to designate arbitral institutions for appointment of arbitrators. AC(A)A 2019 also provides immunity to arbitrators against suits or other legal proceedings for actions done in good faith.
AC(A)A 2019 also brings about certain clarificatory changes. AC(A)A 2019 amends AC(A)A 2015, s 17, which earlier authorized the arbitral tribunal to order interim measures during the arbitral proceedings or after making the arbitral award.
Since arbitral tribunals become functus officio after making the final award, AC(A)A 2019 now provides that interim measures can be ordered by an arbitral tribunal only during the arbitral proceedings.
Further, there was an inconsistency between the AC(A)A 2015 and the Commercial Court Act 2015 as the latter statute provided a wider right of appeal to orders under AC(A)A 2015. This issue has been resolved as AC(A)A 2019 has inserted language to give primacy with regard to the appeal provisions.
My offices is prominently involved in commercial dispute resolution and we regularly appear on behalf of clients in many of the main arbitral centres, including the Delhi High Court Arbitration Center and we represent clients in arbitration proceedings across a broad spectrum of industries in a variety of domestic and international disputes.
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The Arbitration and Conciliation Amendment Act (AC(A)A 2019) has brought about several positive changes.
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Scams of the recent past be it the Satyam scam or Nirav Modi-PNB rip-off or even the proceedings against IL&FS.
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We also act for individuals who are considering their options with regards to their financial position and we can assess.
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