The Union Cabinet cleared two ordinances on creation of commercial divisions of HCs and on amending Arbitration Act for ensuring ease of doing business.
This is the second attempt to bring an ordinance on the Arbitration Act. The Cabinet had in December last year given its nod to an ordinance to amend the Act but it was never sent to the President for approval after the President is believed to have raised questions on the urgency to bring an ordinance.
Later, the Cabinet cleared a bill to amend the Act in August but it was not introduced in Parliament. The amendment aims to fix a timeframe to settle cases of arbitration. Under the proposed amendments to the Arbitration and Conciliation Act, an arbitrator will have to settle a dispute within 18 months. In the initial ordinance approved by the Cabinet in December last year, the timeline for settlement of disputes was fixed at nine months. An inter-ministerial discussion later proposed that the timeline should be changed to 18 months.
This is the second attempt to bring an ordinance on the Arbitration Act. The Cabinet had in December last year given its nod to an ordinance to amend the Act but it was never sent to the President for approval after the President is believed to have raised questions on the urgency to bring an ordinance.
Later, the Cabinet cleared a bill to amend the Act in August but it was not introduced in Parliament. The amendment aims to fix a timeframe to settle cases of arbitration. Under the proposed amendments to the Arbitration and Conciliation Act, an arbitrator will have to settle a dispute within 18 months. In the initial ordinance approved by the Cabinet in December last year, the timeline for settlement of disputes was fixed at nine months. An inter-ministerial discussion later proposed that the timeline should be changed to 18 months.
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