Govt approved ordinance to amend Arbitration Act for speedy settlement of commercial disputes.

  • An arbitrator will have to settle case within 18 months
  • Puts a cap on arbitration fee.
Why needed:
  • Foreign companies have expressed their reluctance in doing business in India because of the long-drawn litigations.
  • Arbitration proceedings are unduly prolonged since mostly retired judges are appointed as arbitrators and they view arbitration just like a case in court. It is normal to have 50-100 sittings in arbitration
  • Cost in some arbitrations with 3 retired judges of the high court or SC often run in crores.



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