What are the major changes brought in the Arbitration and Conciliation Act, 1996 through the recent Ordinance promulgated by the President? How far will it improve India's dispute resolution mechanism? Discuss.

Faster appointments

Section 11 vests appointment in the Supreme Court or High Court, limited to checking that an arbitration agreement exists, with disposal within 60 days.

Stronger tribunals and costs

Section 17 interim orders became enforceable like court orders, Section 29B added a six-month fast track on written pleadings, and Section 31A makes the loser generally bear costs, with a model fee scale in the Fourth Schedule.

Speed and finality

Time limits, with fee cuts for delay, and the end of automatic stays target the main delays, and the narrow public policy test reverses the merits review of ONGC v. Saw Pipes (2003).

Investor confidence

Interim relief for foreign-seated arbitrations closes the BALCO (2012) gap, and India rose to 163rd on enforcing contracts by Doing Business 2020.

Limits

The rigid 12-month rule was relaxed in 2019, pending cases needed BCCI v. Kochi Cricket (2018), and ad hoc arbitration and government appeals persist, prompting the Srikrishna Committee (2017) to urge an Arbitration Council of India.