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Arbitration And Conciliation (Amendment) Bill 2021 : Highlights

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.