Arbitration and conciliation (amendment) bill, 2021 passed by the parliament
March 11, 2021
The Arbitration and Conciliation (Amendment) Bill, 2021 was passed by the Rajya Sabha on 10 March, 2021 by a voice vote. It was earlier passed by the Lok Sabha on 12 February, 2021.The Amendment Bill replaces the Arbitration and Conciliation (Amendment) Ordinance, 2020 (refer KM Update below) and is deemed to have come into effect from the date of the Ordinance, that is, 4 November 2020.
The Amendment Bill amends Section 36 of the Principal Act pertaining to enforcement of an award, to provide for an automatic, unconditional stay on an arbitration award where the Court is satisfied, prima facie, that the arbitration agreement underlying the award or the making of the award itself was induced or effected by fraud or corruption. This stay shall have effect till the disposal of the challenge to the award u/s 34 of the Principal Act.
The Bill also substitutes Section 43J to provide that the qualifications, experience and norms of accreditation of arbitrators shall be specified by regulations instead of the Eighth Schedule, which stands omitted.
To refer to a copy of the Arbitration and Conciliation (Amendment) Bill, 2021 as passed by the Lok Sabha, click here.