Reforming India's Arbitration Landscape: A Critical Analysis Of The Arbitration And Conciliation (Amendment) Bill, 2024
Gyanendra Akrisht Tripathi, B.A.LL.B. (Hons.), School of Law, CHRIST (Deemed to be University).
ABSTRACT
The Arbitration and Conciliation (Amendment) Bill, 2024 brings about the most comprehensive amendment to India's arbitration regime post-2015, 2019 and 2021 amendments. Introducing a plethora of substantial changes, from codification of emergency arbitration to constitution of Appellate Arbitral Tribunals and digitisation of arbitration proceedings, the Bill reflects a strong legislative will to propel India as a preferred international arbitration forum. The paper attempts a thorough doctrinal and comparative examination of the key provisions of the Bill, with each provision examined within broader context of Indian arbitration jurisprudence, and compared to established international standards. While the Bill remarkably attempts to reduce judicial intervention, streamline institutional arbitration and modernises procedural architecture; critical deficiency continues to exist; particularly the retention of 'patent illegality' as a ground to set aside domestic arbitral awards, risks associated with the introduction of Appellate Arbitral Tribunals and the possible drawbacks associated with the determination of seat of arbitration under the proposed Section 20. The paper concludes that, despite its ambitious intent, the Bill may require judicious legislative pruning to enable India achieve its objectives for arbitration and provide genuine procedural clarity to domestic and foreign stakeholders.
Keywords: Arbitration, Emergency Arbitrator, Appellate Arbitral Tribunal, Patent Illegality, Seat of Arbitration, Institutional Arbitration, India, UNCITRAL, Singapore, Judicial Intervention.
