The Ministry of Law and Justice, Legislative Department vide its Notification Dated 11th March 2021 further amend the “Arbitration and Conciliation Act, 1996” through the “Arbitration and Conciliation (Amendment) Act, 2021”.
Followings are the important points extracted from the notification:-
- This Act may be called the Arbitration and Conciliation (Amendment) Act, 2021.
- Save as otherwise provided in this Act, it shall be deemed to have come into force on the 4th day of November 2020.
- In the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the principal Act), in section 36, in sub-section (3), after the proviso, the following shall be inserted and shall be deemed to have been inserted with effect from the 23rd day of October 2015, namely:
“Provided further that where the Court is satisfied that a prima facie case is made out that,—
(a) the arbitration agreement or contract which is the basis of the award; or
(b) the making of the award,
was induced or affected by fraud or corruption, it shall stay the award unconditionally pending disposal of the challenge under section 34 to the award.
Explanation.––For the removal of doubts, it is hereby clarified that the above proviso shall apply to all court cases arising out of or in relation to arbitral proceedings, irrespective of whether the arbitral or court proceedings were commenced prior to or after the commencement of the Arbitration and Conciliation (Amendment) Act, 2015.”
4. For section 43J of the principal Act, the following section shall be substituted, namely:––
“43J. The qualifications, experience and norms for accreditation of arbitrators shall be such as may be specified by the regulations.”
5. The Eighth Schedule to the principal Act shall be omitted.
6. The Arbitration and Conciliation (Amendment) Ordinance, 2020 is hereby repealed.
7. Notwithstanding such repeal, anything done or any action taken under the said Ordinance shall be deemed to have been done or taken under this Act.
