REFORMS IN INDIAN ARBITRATION LAWS IN 2015 – AN ANALYSIS FOR THE STAKEHOLDERS INVOLVED

Abstract This Paper analyses the reforms in the Indian arbitration regime with the Arbitration & Conciliation (Amendment) Bill, 2015 (“Bill”). The amendments flow from the 246th Law Commission Report. These include important changes such as the jurisdiction of Indian Courts once again being conferred in international commercial arbitrations, a message to the global investors that only High Courts in India shall deal with issues relating to international commercial arbitrations, the widening of the powers of arbitral tribunals at par with Indian Courts and in fact the limiting the scope of interference of Courts, efforts to create a balance in pre-arbitral judicial intervention. Furthermore, the paper covers the refreshing amendments relating to appointment of arbitrators and the importance being given to competence, neutrality & independence of arbitrators in future arbitrations in India, positive developments to speed up the arbitral process in India, amendments with respects to costs & interest to be awarded to parties by an arbitral tribunal and the factors to be considered for the same, narrowing down of the scope of challenge of arbitral awards and the issue of fraud which has not been covered in the Bill in spite of being recommended by the Law Commission Report.