Arbitration And Conciliation (Amendment) Ordinance, 2020 promulgated
Part of: GS Prelims and GS-II – Polity and Governance
In news
Indian President promulgated the Arbitration and Conciliation (Amendment) Ordinance, 2020 to amend Arbitration and Conciliation Act, 1996 further.
Key takeaways
The Ordinance aims to ensure that all the stakeholders get an opportunity to seek unconditional stay of enforcement of arbitral awards where the underlying arbitration agreement or contract is induced by fraud or corruption.
An addition has been made to Section 36 whereby if the Court is satisfied that a prima facie case is made out that the arbitration agreement or contract was induced or effected by fraud or corruption, it will stay the award unconditionally.
The ordinance also does away with the 8th Schedule of the Arbitration and Conciliation Act, 1996 which contained the necessary qualifications for accreditation of arbitrators.
