AMN / NEW DELHI
Parliament has passed the Arbitration and Conciliation (Amendment) Bill 2019 with the Lok Sabha approving it today. The Rajya Sabha has already passed the bill. The bill provides for a time-bound settlement of disputes as well as accountability of the arbitrator.
It also seeks to establish an independent body called the Arbitration Council of India (ACI) for the promotion of arbitration, mediation, conciliation and other alternative dispute redressal mechanisms. The Council would be mandated to frame policies for grading arbitral institutions and accrediting arbitrators.
Replying to the debate, Law Minister Ravi Shankar Prasad said, disposal of dispute is equally important for good governance. He said, India should become a big centre of Arbitrators. He said, the arbitrators must be fair, intelligent, accountable and must decide the case on time. Members from various political parties including BJP, NCP, JDU and TDP participated in the discussion.