Q15.What are the major changes brought in the Arbitration and Conciliation Act, 1966 through the recent ordinance promulgated by the President? How far will it improve India’s dispute resolution mechanism? Discuss.

The 2015 Ordinance amended the Arbitration and Conciliation Act, 1996, aiming to streamline dispute resolution, reduce judicial intervention, and establish India as an international arbitration hub.

• Imposed time limits for arbitral awards (12 months).
• Enhanced arbitrator neutrality via disclosure norms and ineligibility criteria.
• Limited judicial intervention, clarifying 'public policy' scope for challenges.
• Made automatic stay on award enforcement discretionary.
• Introduced fast-track arbitration and a structured cost regime.

• Facilitates faster dispute resolution, reducing court backlog.
• Boosts investor confidence through predictable and timely outcomes.
• Enhances autonomy and efficiency of the arbitral process.

• Potential for new litigation over amended provisions' interpretation.
• Requires capacity building for arbitrators and institutions.

These amendments significantly improve India's arbitration framework, though effective implementation and continuous capacity building are crucial for realizing its full potential.