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Today (4th Feb 2021), Shri Ravi Shankar Prasad, Minister of Law and Justice Introduced the Arbitration and Conciliation (Amendment) Bill, 2021, in Lok Sabha. As per the Statement of Objects and Reasons attached to the said bill the bill seeks to replace the Arbitration and Conciliation (Amendment) Ordinance, 2020 (Ord. 14 of 2020) was promulgated by the President on 4th November, 2020 under clause (1) of article 123 of the Constitution and it also provides for the following, namely,
- to grant unconditional stay of enforcement of arbitral awards, where the underlying arbitration agreement, contracts or arbitral award is induced by fraud or corruption;
- to omit Eighth Schedule of the Act which laid down the qualifications, experience and norms for accreditation of arbitrators; and
- to specify by regulations the qualifications, experience and norms for accreditation of arbitrators and the said amendment is consequential in nature.
Clause 3 of the said Bill recommends to substitute section 43J in the Arbitration and Conciliation Act, 1996. The proposed section 43J provides that the Arbitration Council of India may by regulations specify the qualifications, experience and norms for accreditation of arbitrators.
