The Lok Sabha has today passed the Arbitration and Reconciliation (Amendment Bill), 2015 by voice vote. The Bill seeks to make the arbitration process more investor-friendly, cost effective and suitable for expeditious disposal of cases. It will also facilitate in making India a hub of international commercial arbitration.
It may be noted that the President had promogulated an ordinance for amending the earlier prevalent act, the Arbitration and Conciliation Act 1996 related and for matters connected there with or incidental thereto.
The union cabinet had approved promulgation of this ordinance on 21.10.2015 and had recommended the same to the President.