Govt floats draft bill to amend arbitration law; adds emergency provision

Quick Summary:

The Department of Legal Affairs in the law ministry has invited comments on the draft Arbitration and Conciliation (Amendment) Bill, 2024, saying "the aim and purpose is to provide further boost to institutional arbitration, reduce court intervention in arbitrations and ensuring timely conclusion of arbitration proceedings".

Seeking to provide "further boost" to institutional arbitration and reduce court intervention in such cases, the government has come out with a draft bill seeking views on the proposed amendments.

The draft bill comes months after an expert committee headed by former law secretary and former Lok Sabha secretary general T K Vishwanathan submitted its report on proposed reforms in the arbitration sector to the law ministry.

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Category: BusinessFinance

Markets: IndiaSingapore

Topics: Arbitration Constitution Law ministry Vice President Successive government Consumer arbitration Arbitration in the United States Investment Holding Companies (NEC) Department of Legal Affairs Secretary general Secretary Conciliation London Lok Sabha secretary Emergency arbitrator Present law Jagdeep Dhankhar Bill

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News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-27 @ 15:05:58 (1 days ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 455 words

Reading Time: 3 minutes read

Sentences: 14 lines

Sentence Length: 33 words per sentence (average)

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Copyright Owner: © Business Standard

News ID: 23260470

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