Many Steps Taken To Position India As Global Arbitration Hub, 7-Member ACI On The Anvil: Meghwal

New Delhi, Feb 7 (KNN) A seven-member Arbitration Council of India (ACI) has been proposed to be created under Section 10 of the Arbitration and Conciliation (Amendment) Act, 2019 in order to develop policies for grading arbitral institutions, recognise professional bodies for accrediting arbitrators, and promote arbitration training and courses, said Minister of State (Independent Charge) for Law and Justice Arjun Ram Meghwal in Lok Sabha.

The Minister stated that over the past decade, the government has undertaken several initiatives to position India as a global hub for arbitration.

"Amendments to the Arbitration and Conciliation Act, 1996 in 2015, 2019  and 2021 were aimed at ensuring timely conclusion of proceedings, maintaining neutrality of arbitrators, minimising judicial intervention and facilitating swift enforcement of arbitral awards," Meghwal said while replying to a question.

The reforms also seek to promote institutional arbitration and align India’s arbitration framework with global best practices.

The India International Arbitration Centre Act, 2019 was enacted earlier, leading to the establishment of the India International Arbitration Centre (IIAC) for creating an independent and autonomous body for facilitating institutional arbitration including for international commercial arbitration.

The Centre provides arbitration services with empanelled arbitrators and administrative support, and is envisaged as a model arbitral institution to strengthen India’s arbitration ecosystem.

During FY 2024–25, central public sector enterprises including ONGC, Gas Authority of India Limited (GAIL) and Bharat Petroleum Corporation Limited (BPCL) adopted IIAC as the designated arbitral institution in their dispute resolution clauses.

The Law Minister added that IIAC continues to undertake measures to disseminate the advantages of institutional arbitration and strengthen the country’s arbitration framework.

(KNN Bureau)