The Parliament gave its nod to the Arbitration and Conciliation (Amendment) Bill, 2021 with Rajya Sabha passing it. The Lok Sabha has already passed the bill last month.
· The legislation seeks to amend the Arbitration and Conciliation Act, 1996. The Act contains provisions to contend with domestic and international arbitration and defines the law for conducting conciliation proceedings.
The Arbitration and Conciliation (Amendment) Bill,
2021 provides for the following: to grant unconditional keep of social control
of mediation awards, wherever the underlying arbitration agreement, contracts
or mediation award is elicited by fraud or corruption; to omit eighth Schedule
of the act that set down the qualifications, expertise and norms for
enfranchisement of arbitrators; and to specify by laws the qualifications,
expertise and norms for enfranchisement of arbitrators and therefore the
aforesaid modification is of import in nature.