​Draft Arbitration and Conciliation (Amendment) Bill, 2024

On 18^th 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 ....