New Delhi, April 06: In a bid to upgrade the system of out-of-court settlements in the country to international standards and to remove long delays in resolving commercial disputes, the Law Ministry proposes to amend the relevant law.
According to the consultation paper prepared by the Ministry, major changes have been suggested in the Arbitration and Conciliation Act, 1996 dealing with out-of-court settlement. The document will be released here on Thursday.
Now, any person being approached as an arbitrator will have to give a “no conflict of interest” declaration.
“The possible arbitrator shall disclose in writing any past or present relationship, either direct or indirect, financial, business, professional or social or relationship with any of the parties involved in the dispute,” according to the consultation paper.
–Agencies