The Arbitration and Conciliation (Amendment) Act, 2021
Indian arbitration is governed and regulated by the provisions of the Arbitration and Conciliation Act 1996 (“Arbitration Act”).
Arbitration Act till now has been amended twice i.e. in the year of 2015 and 2019.
On March 10, 2021, the Arbitration and Conciliation (Amendment) Act, 2021 (“Amendment Act”) gained Parliamentary assent and is deemed to have come into force on November 04, 2020.
The Amendment Act has aimed to address the issue relating to corrupt practices in arbitral awards and ultimately securing contracts by such corrupt practice.
It is relevant to note that on March 10, 2021, the Arbitration and Conciliation (Amendment) Act, 2021 (“Amendment Act”) gained Parliamentary assent and is deemed to have come into force on November 04, 2020, thereby replacing the Arbitration and Conciliation (Amendment) Ordinance, 2020 promulgated by the President of India on November 04, 2020. The Amendment Act has aimed to address the issue relating to corrupt practices in arbitral awards and ultimately securing contracts by such corrupt practice.
Download E-book :- The Arbitration and Conciliation (Amendment) Act, 2021
Last updated: 11/05/2021
Also Read:-
- Clarification on spending of CSR funds for setting up makeshift hospitals and temporary COVID care facilities
- Companies (Share Capital and Debentures) Amendment Rules, 2021 : Ministry of Corporate Affairs (MCA):
- MCA extends due dates for conducting board meetings for restricted items and has issued a clarification on the passing of ordinary and special resolutions by companies
- MCA Extends Suspension of Fresh Proceedings Under the Insolvency and Bankruptcy Code (IBC) Till Mar’2021 and Appoints 21/12/2020 as date for Certain Provisions to Come Into Force