Shamilee Arora & Arish Bharucha review recent developments in Indian arbitration & insolvency law
- In a rapidly developing economic climate, the Indian legislative framework is evolving to accommodate the needs of commercial parties as they have recourse to the Indian legal system.
In the first section of this article, we consider the changes in the legal framework in relation to arbitration —a fast growing means of dispute resolution for commercial parties both from within India and foreign entities investing in India. In Section II, we consider the recent modernisation and harmonisation of the statute in relation to the insolvency of commercial entities (with the exception of financial services providers and institutions) by means of the Insolvency and Bankruptcy Code 2016 (the 2016 Code).
Commercial arbitration
In 2015, the Arbitration and Conciliation Act 1996 (the 1996 Act) which governs arbitrations seated in India, was amended by means of the Arbitration and Conciliation (Amendment) Act 2015 (the Amendment). The main aim of the Amendment was to modernise and update the arbitration regime in India. In particular, the Amendment sought
