Arbitration And Conciliation (Amendment) Bill 2021:
Lok Sabha today gave its nod to Arbitration and Conciliation (Amendment) Bill 2021
- The Arbitration and Conciliation (Amendment) Bill, 2021 was introduced in Lok Sabha on February 4, 2021.
- It seeks to amend the Arbitration and Conciliation Act, 1996.
- The Act contains provisions to deal with domestic and international arbitration and defines the law for conducting conciliation proceedings.
- The Bill replaces an Ordinance with the same provisions promulgated on November 4, 2020.
- The Bill specifies that a stay on the arbitral award can be provided (even during the pendency of the setting aside of the application) if the court is satisfied that:
- the relevant arbitration agreement or contract, or
- the making of the award was induced, or affected by fraud or corruption.
- This change will be effective from October 23, 2015.
- The Bill removes the Schedule for arbitrators and states that the qualifications, experience, and norms for accreditation of arbitrations will be specified under the regulations.