Question : Arbitration and Conciliation Act

(a) whether it is true that the Government is in the process of amending the Arbitration and Conciliation Act (ACA) and the Commercial Courts Act and if so, the details thereof;

(b) the time by which these amendments are likely to be carried out;

(c) whether it is also true that the Government is in the process of setting up an International Arbitration Centre in New Delhi;

(d) if so, the time by which the Centre is likely to be functional; and

(e) the purpose and motive to set up this Centre?

ANSWER

MINISTER OF LAW AND JUSTICE &ELECTRONICS AND INFORMATION TECHNOLOGY
(SHRI RAVI SHANKAR PRASAD)


(a) &(b) Yes Madam,the Cabinet in its meeting on 07.03.2018 has approved the proposal for introduction of Arbitration and Conciliation (Amendment) Bill, 2018 and the Commercial Courts and Commercial Division and Commercial Appellate Division of the High Courts (Amendment), Bill 2018 in the Parliament and notice for introduction of the Bill have been given.
(c), (d) & (e): A Bill “New Delhi International Arbitration CentreBill, 2018” which aims to establish the New Delhi International Arbitration Centre as an institution of national importance has been introduced in the Lok Sabha on 05.01.2018. The objectives of the New Delhi International Arbitration Centre is to promote institutional arbitration by developing the centre as a flagship institution for domestic and international arbitration.