Bill in Lok Sabha to fast track arbitration procedure

Law Minister D.V. Sadanada Gowda on Thursday introduced a bill in the Lok Sabha that provides for fast tracking procedure for conducting arbitration.

The Arbitration and Conciliation (Amendment) Bill, 2015, seeks to amend the Arbitration and Conciliation Act, 1996, and provides that application to challenge the arbitral award is to be disposed of by the court within one year.

The bill seeks to replace an ordinance on the issue promulgated in October this year.