Has Arbitration Failed India or Has India Failed Arbitration

The current Arbitration and Conciliation Act 1996 was enacted in order to make the Indian Law of arbitration more responsive to contemporary requirements by looking at the United Nations Commission on International Trade Law (UNCITRAL Model Law). The earlier arbitration law was not considered as being as effective as it should have been. The main reason was that the former arbitration law did only cover dispute settlements of domestic nature compared to the 1996 Act. The 1996 Act seeks to provide an effective mode of settlement for domestic as well as international commercial arbitration. In addition, methods of conciliation have also been introduced, since none of the earlier laws provided any mode of conciliation between the parties. A number of changes were made. However, a number of challenges occur such as appoinment of arbitrator, venue, costs, delays, and courts' interventions.