Arbitration Council of India established as statutory body with legal, academic, government members

This Bill amends the Arbitration and Conciliation Act, 1996 to establish the Arbitration Council of India (ACI) and designate arbitral institutions to handle arbitrator appointments. It also introduces time limits for completing pleadings and making awards, and mandates confidentiality of arbitral proceedings.

The law affects parties to arbitration agreements, arbitrators, arbitral institutions, the Supreme Court, High Courts, and the Central Government. It specifically applies to both international commercial arbitrations and other arbitrations in India.

• Establishment of the Arbitration Council of India (ACI) as a body corporate with powers to grade arbitral institutions and recognize professional institutes for arbitrator accreditation.
• Supreme Court and High Courts are empowered to designate arbitral institutions for the appointment of arbitrators.
• In jurisdictions without graded institutions, the Chief Justice of the High Court may maintain a panel of arbitrators.
• Arbitral institutions must dispose of applications for arbitrator appointment within 30 days.
• Statements of claim and defence must be completed within 6 months of the arbitrator's appointment.
• Awards in non-international commercial arbitrations must be made within 12 months of completing pleadings; international awards should be made expeditiously with an endeavour to finish within 12 months.
• Mandatory confidentiality of all arbitral proceedings, except for the award necessary for enforcement.
• Protection for arbitrators from legal proceedings for actions taken in good faith under the Act.
• Arbitral institutions determine tribunal fees subject to rates specified in the Fourth Schedule.

Written from the document by AI, and checked against it. The original below is authoritative.

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