The draft Arbitration and Conciliation Amendment Bill 2024 represents a decisive step towards strengthening India’s arbitration framework in line with the best global practices. By addressing procedural inefficiencies and clarifying the role of institutions, the Bill seeks to position India as a credible hub for dispute resolution. 

The Supreme Court of India’s recognition of a power to modify arbitral awards under Section 34 marks a significant and controversial departure from the text, structure, and legislative intent of the Act.

Clear legislative reform is essential to resolve the existing uncertainties around the power of arbitral tribunals to implead non-signatories.