- It is proposed that when a person approaches for appointment as an arbitrator, he shall disclose in writing about existence of any relationship or interest of any kind, which is likely to give rise to justifiable doubts.
- It is proposed to cap the duration of arbitration to twelve months. Further, the parties may extend such period up to six months. Thereafter, it can only be extended by the Court, on sufficient cause.
- It is proposed to fast track the procedure for arbitration, if the concerned parties agree. Awards in these cases shall be given within a period of six months.
- It is proposed that the term ‘public policy of India’ must be restricted as a ground for challenging the award to the cases where fraud or corruption is involved or the making of the award is against the fundamental policy of Indian Law or goes against the grain of morality or justice.
- It is proposed to insert a provision regarding application to challenge the award should be disposed of by the Court within one year.
- It is proposed to amend section 36 of the Act. According to the amendment an award can only be stayed where the Court passes any specific order on an application filed by the party.
- It is proposed that that the High Court or Supreme Court shall dispose of the appointment of an arbitrator as fast as possible and within a period of 60 days, if possible.
- It is proposed to provide comprehensive provisions for costs regime.
- It is proposed to empower the arbitral tribunal to grant all kinds of interim measures which the Court is empowered to grant, under section 9 of the Act and such order shall be enforceable in the same manner as if it is an order of Court.
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