Arbitration And Conciliation (Amendment) Bill 2021

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.