· In section 36 of the Arbitration and Conciliation Act, 1996 new proviso has been inserted which says that if the court is satisfied that a prima facie case is made out that an arbitration agreement or contract or an arbitration award was made under pressure or effected by fraud or corruption, it shall stay the award unconditionally pending disposal of the challenge under section 34 to the award.
This proviso shall be effected from 23rd day of October, 2015, which means the 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.
· The Eight Schedule has been omitted and the qualifications, experience and norms for accreditation of arbitrators shall be specified by the regulations.
ordinance
amendment
conciliation
arbitration
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