Arbitration And Conciliation (Amendment) Bill, 2021:
The Parliament gave its nod to the Arbitration and Conciliation (Amendment) Bill, 2021 with Rajya Sabha passing it. The Lok Sabha has already passed the bill last month.
- The legislation 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 Arbitration and Conciliation (Amendment) Bill, 2021 provides for the following:
- to grant an unconditional stay of enforcement of arbitral awards, where the underlying arbitration agreement, contracts, or arbitral award is induced by fraud or corruption;
- to omit the Eighth Schedule of the Act which laid down the qualifications, experience, and norms for accreditation of arbitrators; and
- to specify by regulations the qualifications, experience, and norms for accreditation of arbitrators and the said amendment is consequential in nature.