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With reference to the Arbitration Council of India (ACI), consider the following statements:
1. Its Chairperson should be a Judge of the Supreme Court only.
2. It maintains a depository of arbitral awards made in both India and abroad.
Which of the statements given above is/are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
With reference to the Arbitration Council of India (ACI), consider the...
Statement 1 is not correct. The Amendment Act 2019 seeks to insert a new Part 1A to the Act of 1996 for the establishment and incorporation of an independent body namely, the Arbitration Council of India (ACI) for the purpose of grading of arbitral institutions and accreditation of arbitrators, etc. The ACI will consist of a Chairperson who is either: (i) a Judge of the Supreme Court; or (ii) a Judge of a High Court; or (iii) Chief Justice of a High Court; or (iv) an eminent person with expert knowledge in the conduct of the arbitration. Statement 2 is correct.
Functions
  • Framing policies for grading arbitral institutions and accrediting arbitrators
  • Making policies for the establishment, operation and maintenance of uniform professional standards for all alternate dispute redressal matters
  • Maintaining a depository of arbitral awards (judgments) made in India and abroad.
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With reference to the Arbitration Council of India (ACI), consider the following statements:1. Its Chairperson should be a Judge of the Supreme Court only.2. It maintains a depository of arbitral awards made in both India and abroad.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?
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