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Arbitration And Conciliation (Amendment) Bill 2021

  • IASbaba
  • February 13, 2021
  • 0
UPSC Articles
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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.

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