Govt set to bring amendments to Arbitration Bill in Lok Sabha

The government is set to bring official amendments to the Arbitration Act (Amendment) Bill in the Lok Sabha to remove ambiguity on whether it will apply to ongoing arbitration cases.

Though no formal decision has been taken on as to whether the law will apply on ongoing arbitration 

cases, highly-placed sources in the ministry said it is unlikely to effect ongoing cases and will only apply only on new cases.

The amendment assumes significance as experts in the field and stakeholders had sought clarification in this regard as an ordinance to amend the Arbitration and Conciliation Act, 1996 is already in force since October 23.

The Law Ministry is likely to send the file to the Prime Minister Narendra Modi for his approval shortly and ex post facto approval of the Union Cabinet will be sought later, the sources said.