NEW DELHI: The Lok Sabha on Friday passed a bill that will facilitate domestic and global arbitration in commercial disputes in the country. Calling The Arbitration and Conciliation (Amendment) Bill 2018 “a “momentous and important legislation”, law minister Ravi Shankar Prasad said, “We want India to become a hub of domestic and international arbitration. So there is a need for robust mechanism to deal with institutional disputes.”

He said the legislation provides for timebound settlement of disputes as well as accountability of the arbitrator. The amendments will establish an independent body to lay down standards, make arbitration process friendly and cost-effective, and ensure that arbitration cases are disposed of on time.

The bill, which amends the 1996 Act, is part of the government's efforts to encourage institutional arbitration for settlement of disputes and make the country a hub of robust Alternative Dispute Resolution Mechanism

