Changes to arbitration act to bring it on par with global practice: Experts

Some want parties to be allowed to contest award at the outset, so that it can also be scrutinsed by first appellate court and the parties can assail it as if it were a trial court decree

The Centre’s expert panel will submit its proposal for arbitration laws in July and legal experts are of the opinion that the The Arbitration and Conciliation Act, 1996 requires certain amendments to make it an alternative to customary litigation.

Recently, the Bar Council of India (BCI) made a key decision to allow foreign lawyers and law firms to practice foreign law, international law, and international arbitration matters in India on a reciprocal basis. Experts say this could be an opportunity for India to bring its arbitration laws on a par with other countries such as Singapore and the UK.

Abhinay