UPSC Articles
Arbitration And Conciliation (Amendment) Bill 2021
Part of: GS Prelims and GS – III – Economy
In news
- Arbitration and Conciliation (Amendment) Bill 2021 was passed recently in the Lok Sabha.
Key takeaways
- It seeks to amend the Arbitration and Conciliation Act, 1996.
- It contains provisions to deal with domestic and international arbitration.
- It defines the law for conducting conciliation proceedings.
- It specifies that a stay on the arbitral award can be provided if the court is satisfied th atthe relevant arbitration agreement was induced by fraud or corruption.
- This change will be effective from October 23, 2015
- It removes the Schedule for arbitrators.
- The qualifications, experience, and norms for accreditation of arbitrations will be specified under the regulations.
