The Arbitration and Conciliation Amendment Act 2021, which was passed into law on 10 March 2021 follows the Arbitration and Conciliation (Amendment) Ordinance, 2020 promulgated by the President of India in November 2020.
Important provisions of the Act:
- The Act deals with domestic and international arbitration.
- It also defines the law to conduct the conciliation proceedings.
- It ensures that stakeholder parties can seek an unconditional stay on enforcement of arbitral awards in cases where the “arbitration agreement or contract is induced by fraud or corruption.”
- It does away with the 8th Schedule of the Act that contained the necessary qualifications for accreditation of arbitrators.
- It also amends section 36 of the Arbitration and Conciliation Act, 1996.