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.
