The Arbitration Council of India (ACI) was established in 2019 under the Arbitration and Conciliation (Amendment) Act, 2019. One of the duties and functions of the ACI is to establish and maintain depository of arbitral awards. The purpose of the depository is to provide a centralized repository for arbitral awards in India, with the aim of promoting transparency and accountability in the arbitration process.
The depository of arbitral awards will be maintained by the ACI, which will be responsible for collecting and storing arbitral awards issued in India. The depository will be accessible to the public, and parties to an arbitration will be required to file their awards with the depository within a specified timeframe.
The benefits of the of arbitral awards are numerous. Firstly, it will help to promote transparency in the arbitration process by making arbitral awards easily accessible to the public. This will enable stakeholders to gain a better understanding of the arbitration process and the outcomes of disputes.
Secondly, the depository will help to promote consistency in arbitral awards by providing a centralized repository for awards. This will enable parties to compare awards and identify any inconsistencies or biases in the arbitration process.
Thirdly, the depository will help to reduce the risk of loss or destruction of arbitral awards. By maintaining a centralized repository for awards, the ACI will be able to ensure that awards are preserved and accessible in the long term.
The depository of arbitral awards will be an important tool for promoting institutional arbitration in India. By providing a centralized repository for awards, the ACI will help to build trust in the arbitration process and promote India as a hub for institutional arbitration.