Understanding Arbitration And Conciliation (Amendment) Act, 2015: Whether Retrospective Or Prospective In Nature

The article explains the applicability and key provisions of the Arbitration and Conciliation (Amendment) Act, 2015. The amendment aims to make arbitration a preferred mode of dispute resolution by ensuring timely and cost-effective proceedings. Key provisions include the introduction of a timeline for the completion of arbitration proceedings, the appointment of arbitrators by the courts, and the imposition of costs on parties causing delays. The amendment also seeks to enhance the neutrality and independence of arbitrators and provides for the enforcement of interim measures ordered by arbitral tribunals. The article highlights the impact of these changes on the arbitration landscape in India and their potential to improve the efficiency of dispute resolution.