11 March 2021 | Act No. 3 of 2021
The Arbitration and Conciliation (Amendment) Act, 2021, received the President’s assent. It shall be deemed to have come into force on 04 November 2020.
To address the issue of corrupt practices in securing contracts or arbitral award:
- A proviso has been added to Section 36 (3) ACA. The proviso says that the court shall stay an award unconditionally until the disposal of the set-aside application if it satisfied a prima facie case has been made out that: (i) the arbitration agreement or contract which is the basis of the award, or (ii) the making of the award, was induced or effected by fraud or corruption.
- An explanation clarifies that the proviso will apply irrespective of whether the arbitral or court proceedings were commenced before the Arbitration and Conciliation (Amendment) Act, 2015.
To promote India as a hub of international commercial arbitration by attracting eminent arbitrators to the country:
- Section 43J of the ACA has been substituted to now say that the qualifications, experience and norms for accreditation of arbitrators shall be such as may be specified by the regulations.
- The Eighth Schedule of the ACA (Qualifications and Experience of Arbitrator) has been omitted.
Access the document here.
