The legal framework surrounding, The Arbitration and Conciliation (Amendment) Act, 2019 came into force in India. The changes in Amendment Act, 2019 has stepped in to promote institutional arbitration in India and to make India a hub of domestic and international arbitration by facilitating the resolution of commercial disputes by arbitration making India an arbitration-friendly jurisdiction. The Indian legislature had initiated the Arbitration and Conciliation (Amendment) Act, 2015, which received the assent of the President of India on December 31st, 2015 and that came into force on October 23rd, 2015 with significant changes to the Arbitration Act and the initial step taken to amend the Arbitration and Conciliation Act, 1996 to provide speedy and effective resolution of disputes through arbitration or conciliation. The article shares an overview of the Arbitration and Conciliation (Amendment) Act, 2019 by discussing the role of domestic and international arbitration. The article explains the establishment of the Arbitration Council of India with a view of the amendment act that broadly deals with various aspects and features of Indian arbitration. In this context, it indicates the effects of arbitral proceedings that commenced before the 2015 amendment act. It likewise illustrates the matter of Hindustan Construction Company by applying the 2019 amendment act. It also discusses the impact on businesses, in general, inserting the 2019 amendment act while proposing the necessary reforms and future concerns
Authored By Divya Bothra, VITSOL, Chennai.