What is Arbitration and Conciliation Amendment Act 2021?
By BYJU'S Exam Prep
Updated on: November 9th, 2023
A second proviso was added by the Arbitration and Conciliation Amendment Act 2021, which states that if the courts are persuaded that there is prima facie evidence that the arbitration agreement or the principal contract upon which the award is based was induced by fraud or corruption, they may grant an unconditional stay for the awards.
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Arbitration and Conciliation Act 2021
The law covers both domestic and international arbitration. It states that parties may ask for an unconditional suspension of the enforcement of arbitral verdicts in circumstances where “the arbitration agreement or contract is induced by fraud or corruption.”
- The 8th Annex of the Act, which described the accreditation requirements for arbitrators, is repealed.
- The modification clarifies the rules under which conciliation proceedings must be conducted.
- The Arbitration and Conciliation Act of 1996’s Section 36 is amended by this section.
Qualifications of Arbitrators
The statute sets a separate list of arbitrators’ qualifications, experience, and accreditation requirements. The arbitrator must, among other things, meet the following requirements:
- Be an advocate under the Advocates Act of 1961 with ten years of experience, or
- Be an officer of the Indian Legal Service.
- The bill repeals the Schedule for Arbitrators, stating that regulations would outline the qualifications, experience, and standards for the accreditation of arbitrators.
Summary:
What is Arbitration and Conciliation Amendment Act 2021?
Arbitration and Conciliation Amendment Act 2021 introduced a second proviso that specifies that the courts may give an unconditional stay for the awards if they are convinced that there is prima facie evidence that the arbitration agreement or the primary contract upon which the award is based was influenced by fraud or corruption.
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