Arbitration and conciliation amendment bill 2015 (amendment) was introduced in house of people/ legislative assembly/ lok Sabha on December 3, 2015. This Bill amends the Arbitration and conciliation Act, 1996.
The Act specifies for the relevant court or all arbitration matters would be a principal limit court or high court with original jurisdiction.
In case of international arbitration, the relevant court would be only relevant light court.
The interim orders by a court, order of arbitral tribunal, appealable orders etc. only applied to the matters where the place of arbitration was India. Under this bill these provision would apply to international commercial arbitration is outside India. These would apply unless the parties agreed otherwise.
If any matter that is brought before a court is the subject of an arbitration agreement, parties will refer to arbitration.
Power of referral to be exercised by a court even if there is a previous court judgment to the contrary, the court must refer parties to arbitration unless it thinks that a valid arbitration agreement does not exist.
Court interim order: act states that a party to arbitration may apply to a court for interim relief before the arbitration is complete.
The bill amends this provision to specify that if the court passes such are interim order before the commencemerlt of arbitral proceedings, the proceedings must commence within 90 days from the making of the order, or within the time specified by the court. Further the court must not accept such application, unless it theirles that the arbitral tribunal will not be able to provide a similar remedy.
Act permit the court to act aside an arbitral award if it is in conflict with the public policy of India. Thus includes awards affect by (i) Fraud or corruption (ii) those in violations of morality of oo justice, in addition to the grounds already specified in the Act.
Act permit parties to apolit arbitrators. If they are unable to appoint arbitrator with 30days, the matter is referred to the loud to male such appointments.
Bill states that at this stage the court must confine itself to the examination of the existence of a valid arbitration agreement.
Bill introduces a provision that requires are arbitral tribunal to make the award in 12 months. This may be extended by six month period. If an award is made within six months, the arbitral tribunal will receive additional frees. If it is delayed beyond specified time because of the arbitral tribunal, the fee of the arbitrator will be reduced up to 5% for each month delay.
The bill states that any challenge to an arbitral award that is before court, must be disposed of within a period of one year.
Bill permits parties to choose to conduct arbitration proceedings in fast tract manner. The award will be granted with six months.
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