The Effects of newly enacted Arbitration & Conciliation

(Amendment) Act,2015

Presented by S. Ravi Shankar, Arbitration lawyer & Senior Partner

Law Senate Law Firm – New Delhi, Mumbairavi@Lawsenate.com

Major achievements of the Arbitration & Conciliation (Amendment) Act 2015

includes,• Arbitration & Conciliation (Amendment) Act, 2015 • Deals with many major challenges faced by parties arbitrating in India and outside India.• Courts should try to dispose applications seeking appointment of arbitrators

within 60 days from the date of Notice (S.11)• Power to Chief Justice to designate an Institution to appoint arbitrators • After getting an interim order under S.9, Parties need to start the arbitration

proceedings within 60 days • Fees fixed for the ad-hoc arbitrators on the basis of the value of the dispute (4 th

Schedule) (No sitting, reading & writing fee)• Arbitral Institutions are allowed to have a higher Fee scale

Major challenges while arbitrating under the old Act includes

• An arbitration has to be completed within 12 months S.29A• Fast Track Arbitration S.29B • No automatic stay on filing of an appeal challenging an Arbitral

award S.36• Disclosure to be made by Arbitrators about their relationship

with parties & counsels (Fifth Schedule) to ensure impartiality• Costs follow the event S.31.A• Narrow scope for the Term Public Policy S.34

Suggestions • The Arbitration Amendment Act is a big step forward in our endeavour to make India an

International Arbitration hub• Designating High Court as the appropriate court for International Commercial arbitration

will help parties choosing India seated International arbitrations only• That designation of the High Court will not help Foreign investors who form Indian

Subsidiaries and invest in India, which is in large number • Very high stakes are involved in Domestic arbitration also, those Indian parties also

require help• Hence the following suggestion: • The supervisory courts over an India seated arbitration should be a Financially self

sufficient State level Expert tribunal and not our National Courts• The said supervisory court shall handle all the arbitration related litigation including

enforcement • No appeal/ revision over the Tribunal order except by way of a Special Leave Petition to

Supreme Court.

Thanks

•THANKS