On 11th March, 2021, the Central Government has notified the ‘The Arbitration and Conciliation (Amendment) Act, 2021’. The Amendment Act is deemed to have come into effect from 4th November, 2020. The Amendment Act seeks to repeal The Arbitration and Conciliation (Amendment) Ordinance, 2020 and amend the Arbitration and Conciliation Act, 1996 (“Act”) in the following manner:
- Section 36 of the Act has been extended to include that the court shall stay the award unconditionally, in cases, where, it is prima facie made out that the (a) the arbitration agreement or contract which is the basis of the award; or (b) the making of the award, was induced or effected by fraud or corruption. This is deemed effective from 23rd October, 2015.
- Section 43J of the Act has been substituted and the new section states that the qualifications, experience and norms for accreditation of arbitrators shall be specified by the regulations.
- Schedule VIII of the Act has been omitted.
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