The Indian parliament passed a bill on the 10th August 2018, with the aim to modify the Arbitration and Conciliation Act, 1996.
This new legislation is based on a report made by the High Level Committee created by the government in order to modernize the practice of arbitration in India.
This modification aims to create the Arbitration Council of India, an institution which will be in charge of accreditation of arbitral institutions and promote arbitration in the country.
Concerning the appointment of arbitrators, the bill states that institutions (designated by the Supreme Court or the High Court) will appoint the arbitrators. If there is no institution available, judges will appoint arbitrators directly.
The bill modifies the current articles dealing with time restrictions. It states that there will be a period of 6 months for the submission of written claims (there is no time limit in the current arbitration act).
Moreover, the obligation for arbitrators to issue an award within 12 months is removed from the bill.
Finally, the articles dealing with confidentiality of proceedings have also been amended: now all the awards will be confidential, except in some situations.