MINISTRY OF LAW AND JUSTICE
(Legislative Department)

New Delhi, the 11th March, 2021

The following Act of Parliament received the assent of the President on the 11th March, 2021, and is hereby published for general information:—

THE ARBITRATION AND CONCILIATION (AMENDMENT) ACT, 2021 NO. 3 OF 2021

[11th March, 2021.]

An Act further to amend the Arbitration and Conciliation Act, 1996.

BE it enacted by Parliament in the Seventy-second Year of the Republic of India as follows:––

1. Short title and commencement: (1) This Act may be called the Arbitration and Conciliation (Amendment) Act, 2021.

(2) Save as otherwise provided in this Act, it shall be deemed to have come into force on the 4th day of November, 2020.

2. Amendment of section 36: 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 effected 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.”.

3. Substitution of new section for section 43J: For section 43J of the principal Act, the following section shall be substituted, namely:––

Norms for accreditation of arbitrators.

“43J. The qualifications, experience and norms for accreditation of arbitrators shall be such as may be specified by the regulations.”.

4. Omission of Eighth Schedule: The Eighth Schedule to the principal Act shall be omitted.

5. Repeal and savings: (1) The Arbitration and Conciliation (Amendment) Ordinance, 2020 is hereby repealed.

(2) 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.

G. NARAYANA RAJU,
Secretary to the Govt. of India.

More Under Corporate Law

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Posts by Date

April 2021
M T W T F S S
 1234
567891011
12131415161718
19202122232425
2627282930