Skip to main content

arbitration and conciliation amendment bill 2021

 ARBITRATION AND CONCILIATION AMENDAMENT BILL 2021


Mediation and Conciliation (Amendment) Bill, 2021 was introduced in Lok Sabha on February 4, 2021. It aims to amend the Mediation and Reconciliation Act, 1996.


Background


The Act was passed with a view to incorporating and amending the law relating to domestic mediation, international trade mediation, enforcement of foreign awards and law relating to reconciliation.

 In addition, the law was amended in 2015, to make the mediation process easier, less expensive and more secure

immediate dismissal and neutrality of the mediators.

 It was also amended in 2019 to promote institutional mediation in the country.

 The Arbitration and Conciliation (Amendment) Ordinance, 2020 was introduced to ensure that all stakeholders.

parties get the opportunity to demand unconditional residency of arbitral awards.


Key Feature of the Bill:


Automaticity residency in prizes:

The Bill stipulates that a stay of arbitral award may be granted by the Court, even in the event of a reliance on an application for exemption,

if the prima facie is satisfied that the mediation agreement is appropriate

caused by fraud or corruption.


Qualifications of arbitrators


The bill removes the 8th Schedule of arbitrators and states that the qualifications, information, and procedures for accreditation of arbitrators will be specified under the regulations of the Arbitration Council of India (ACI).

 According to Schedule 8, the arbitrator must be:

attorney under the Law of Attorneys Act, 1961 with 10 years' experience, or

 an official of the Indian Legal Service, among others.

The impact of the amendment on the bill in the dispute resolution process


LOOK INTO  Fraud and Corruption:

The amendment will help to ensure that all participants have the opportunity to seek unconditional residency of arbitral awards, where the arbitral award is due to fraud or

corruption.


  ARBITRATION AND CONCILIATION AMENDAMENT  BILL 2021

Promote India as a commercial mediator:

With the departure of Schedule 8, it will provide greater flexibility and promote India as a center for international trade mediation by attracting prominent mediators in the country.



conclusion 


While the drawbacks that the 2021 modification is trying to cure area is  still unclear , the aspect effects of the 2021 modification could persuade be a disaster. The adding of an additional appellant layer of judicial intervention, the multiplicity of proceedings, uncertainty within the application, encouraging a flurry of challenges and gap the pandora’s box qua the arbitrator’s liability including the dilution of the 2015 modification and failure in upholding the cardinal principle of the arbitration method, i.e., minimum judicial intervention through the 2021 modification might not augur well with India’s dream of turning into a pro-arbitration hub. For a jurisdiction wherever the social control of a judgment or a gift is already problematic, a sudden shift from Indian courts’ pro-enforcement approach to empowering the courts to grant associate unconditional remain the social control of associate arbitrational award is damaging to the inviolable unconditional right of social control, finality, associated binding nature of an arbitrational award. This impacts the enforceability of the contracts associated presumably produce an unease for the companies to work in a very regime wherever the parties area unit presumably liable to face another spherical of proceedings at the time of social control of the arbitrational award, depriving them of enjoying the fruits of the arbitrational award.
Labels:

Comments

Post a Comment

Popular posts from this blog

Concept of constitutionalism

  Concept of constitutionalism Who Started Constitutionalism? John Locke - The English Bill of Rights is a foundational constitutional document that helped inspire the American Bill of Rights. Political theorist  John Locke  played a huge role in cementing the philosophy of constitutionalism.  Constitution is a written law which describes the structure of Government, the rules according to which the Govt. must work and the boundaries within which the Govt. must work. Constitutionalism   can be defined as the doctrine that governs the legitimacy of government action, and it implies something far more important than the idea of legality that requires official conduct to be in accordance with pre-fixed legal rules. Constitution constitution is the document that contains the basic and fundamental law of the nation, setting out the organization of the government and the principles of the society. Basic norm (or law) of the state; System of integration and organi...
Post a Comment
Read more

business tips

1. Have a clear vision for your business and strive to achieve it. 2. Hire great people and give them ownership in the company. 3. Provide excellent customer service. 4. Establish yourself as an expert in your field. 5. Develop relationships with key suppliers, customers, and partners. 6. Keep track of your finances and invest in marketing and innovation. 7. Utilize digital platforms to reach a larger audience. 8. Take calculated risks and back yourself. 9. Continuously strive to improve your products and services. 10. Make customer satisfaction your priority.
Post a Comment
Read more

Effects of Non-Registration

 Effects of Non-Registration The Companies Act, 2013 evidently highlights that the main essential for any organization to turn into a company is to get itself registered. A company cannot come into existence until it gets registered. But no such obligation has been imposed for firms by the Indian Partnership Act, 1932. If a firm is not registered it does not cease to be called as a firm, it still exists in the eyes law. Certainly, such a big advantage is not absolute but is subjected to a lot of limitations which we will study further. Non-registration of a firm simply means that the business skips the formalities of incorporation and ceases to exist in the eyes of the law. section 58 of the Indian Partnership Act, 1932 deals with the procedure of incorporation. Likewise, the meaning of non-registration is the exact opposite of registration, meaning when a firm does not go through the procedure of incorporation or start carrying on activities without getting registered. Effects of ...
Post a Comment
Read more